Ann: Riley Mine - Update Following Completion of First Shipment, page-420

Gordobre / Ajax: Depreciation, we were a producing company so we can claim depreciation on our infrastructure....We can now also claim back part of our losses on Capex.....Our shipping costs were agreed to sometime before any substantial rate increase, because we waited for a ship to Back-load..... Our ship was not a direct taxi, it was available after it completed its original Voyage to Port Kembla.....The Loan Facility I’m talking about is not in our quarterly because we have not exercised our option to use it with ATM.....If I’m wrong, I stand corrected......We did use Cannacord's funds that were paid for via share dilution.

Suckmax: I have forgotten more about Mining than you could ever hope to learn, the reason he stopped the mining was due to I.O going down and shipping going up, this did not effect our first shipment at the price was averaged 2 months prior and shipping schedule took longer to arrange as we used a back-load which was a lot cheaper, can you understand that...D.H.