Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-27

As an original Mt Morgan CRB shareholder IMHO this deal has kept CRB alive when it faced an extremely uncertain future.

The project has potential and they have the funds to further prove up the project, yes shareholders suffered dilution but the alternative for shareholders was not great. Personally I see this project as far more attractive than the iron ore project they investigated.

Silica sand may not be "sexy" but there's is demand, the capital costs to go mining are not huge compared to other resources, the mining is not hugely destructive and remediation is relatively straight forward and cheap so EPA approval should not be difficult. VRX is going through the EPA process now - if they get approval that should pave the way for CRB.

They have outlined a drilling program - I'm not exactly sure what they would be able to announce pending the results of the campaign so I am not surprised they are quiet.

As you say GR engineering have a vested interest but so do the project vendors who mostly received shares as compensation for CRB acquiring the project.

This is one where shareholders just have to be patient.