to buy or not to buy, page-81

"Intec has had to sell approximately A$13 million of assets (comprising primarily A$10 million for the sale of the Hellyer assets (A$5 million in cash, A$5 million deferred), A$2.25 million for Intec’s 23% shareholding in Bass Metals, plus A$0.75 million for reagents and sundry items) just to meet Hellyer closure costs, to maintain reduced operations and to retire Intec’s A$5 million working capital facility with Macquarie Bank."

"just to meet Hellyer closure costs" - I hope that Polymetals contributed its 50% towards estimated closure costs prior to its departure as part of the terms for INL taking over operation of the mill for one month.

I agree with everyone, I have been in INL for 5 years now. The financial mangement side has not been too hot. However, I believe the technology side holds a lot of promise. While INL has noted the waste treatment initiatives in the SPP letter, I believe the key to INL's future is in the purchase of the Newcastle site by potential project partners of INL. I guess we will not find out details of that until that site is purchased.

The annoying thing about all this is that I estimate that if INL had of hedged its share of production from the Hellyer Mill two years ago, then not only would it still own the Hellyer Mill now but it would have generated enough cash from closing out those hedges to have also purchased the Newcastle site in its own right. Aagh!!!


Regards

SP