Ann: Quarterly Activities and Cashflow Report , page-2

Below is an extract from the 1/4'ly about Vales purcahse options of the Belvedere project.

This is the first I have heard of Vale's "second option". Maybe I am misisng somethign but it reads to me as though it is the same as the first option except it runs until December 2012??

So essentially Vale's option to acquire at "fair market price" runs from now until Dec 2012!! Are we allowed to sell our stake in the project to any interested party during this period?? Surely we can during the "second option"????

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Vale Purchase Options

The First Option Period under the Joint Venture
Agreement commenced on 4 December 2009 (for a
six month period) during which Vale has the option
to acquire the Companys interest in the Project at
an independently determined fair market value.
The Company has not received any indication as to
whether Vale will exercise the First Option at this
stage.

In the event that Vale does not exercise the first
option during the First Option Period or does not do
so for the balance of the Belvedere Hard Coking
Coal Project it does not already own, then Vale has
a second option, exercisable during the period 4
June 2010 to 3 December 2012 (inclusive) (Second
Option Period). During the Second Option Period
Vale may exercise the second option, which is
exercisable in respect of a 24.5% interest in the
Project. If Vale exercises the second option, and in
the event that the Company has not already sold its
interest in the Project to Vale pursuant to the first
option, the Company may sell its remaining interest
in the Belvedere Hard Coking Coal Project to Vale
at an independently determined fair market value.