Ann: Response to an ASX Appendix 5B Query , page-2

Why should we believe any of the responses to the ASX query?

Negotiations with Beach and Mitsui have been going for almost a year now and nothing has been resolved. Where do they hope to raise capital? A SPP would be farcical - they would have to issue 1 billion shares, probably more (presuming it is at a discount to 0.5cents) just to raise $5 million. All current shareholdings would become worthless - they are close to being worthless at the moment, never mind a further dilution. I can only hope that they can raise money with some form of agreement with Beach/Mitsui. However they plan on surviving I am sure we won't hear anything for the next 2 months at least, and when an announcement is finally made it will start with "we are currently in discussions with Beach ........"!!! How are they communicating - by pigeon?

Whatever happened to East Wing? Promises were made to people on this forum that they would sell their discovery by Jan/Feb this year. Now it appears it is worthless as no one has obviously showed any interest. Why would the MD (or whoever it was) tell someone on this forum (Antman??) that it would be sorted out in Jan/Feb? They were either lying or were that incompetent they had no idea of what its true worth really was before they went off making rash statements. Remember the announcement which had something along the lines of "East wing is a company maker"?!!!!!

Even if they get more capital how long will it be before they need more? They will spend it sure enough and get absolutely nowhere with it as they have for the last 7 years!!

A company with so much potential and good permits has pi**ed it up against the wall due to their sheer bl**dy incompetence.