General Discussion and Valuations, page-66

hi all I have been following Mgx for a number of years and was lured in by the large cash balance and relatively low market cap.

I too thought it was a great opportunity and with the price of iron ore sky high and the company still covering the cost of the stripping at Koolan with what they where producing. the issue for me with MGX and what ultimately led me to exit there share registry was managements ability to effectively utilise the cash on hand. when they made the move to restart shine I thought this was to slow and too late.

As a shareholder I would have preferred to see them focus on Koolan (the prized asset)and have diversified into one of the other materials. I exited the stock after the last quarterly which I just read as a complete and utter mismanagement. how a company couldn't capitalise on one of the great iron ore booms is beyond me.

they seemingly have little regard for the shareholder and have constantly promised the world and failed to deliver. my preferred iron ore play is fmg. Twiggy love him or hate him the man gets things done. when people realise the company is going to be a powerhouse with ffi. management at fmg drove costs down and expanded when iron ore was low now they are debt free with the cash on hand they have.

Mgx on the other hand in my oppinion have missed the boat. they should have had the ability to diversify with there cash I mean if pls could have bought ajm for 200mil why on earth didn't Mgx have the foresight to snap up a bargain like that.

management here have lost me, I wish all here luck but I won't be investing in a company where I don't believe the strategies at the top align with what us shareholders want.

also I'm not a bitter shareholder cause I lost a little money, merely a disappointed shareholder of a company that I initially believed in but failed to deliver.