different subject, page-12

Hi satori,

One thing I liked in your post was "The garbage talk on PLV not being able to cut a deal is infantile and desperate ..."

this is completely correct. The people who are upset that we have not done a deal are short term traders. They want to double their money and then move on. This is not the objective of myself or the Board.

We know the value of Irvine and we will not do any deal that does not make sense in the long term. Why would we agree to make a dollar today when we can make several dollars later? The ball is in our court now because we have the tonnage. Tonnage that people want to lock in.

If people think there is no interest in Irvine then they are kidding themselves. I am a little over people insinuationg that we couln't do a deal last year. I am in such a better space with the tonnage I now have that I should have been shot if i had done a desperate deal last year.

Putting the numbers I quoted into perspective.

We have (after beneficiation) 108mt of 66% product, that will cost $350m to develop and our total operating cost (including everything) is $37/tonne....what is this product currently selling for?

You guys do the numbers. I dont give selling price forecasts because we don't control the selling price. we are price takers, not price makers....however we could today get at least UD$150/tonne.

Multiply the tonnes we have by the margin, that should give you a pretty good indication on where we stand.

As for whether management should get credit or not for the movement in the shareprice over the past week is irrelevant. I don't control the macro economics of the market, i don't control the super mining tax, I can only do what I can...that is get the tonnes up, get the best financing available at minimum dilution to shareholders, and sell the story. We are working hard at all these things.



Cheers, Tony.