Ann: Iron Ore Update - Johnston Range , page-15

Hi Rex

Here are two Potash statements from the End Of Year Finance announcement. The last qtrly stated Seismic data would be completed by End of August. The company is not very good at meeting deadlines as it changed to the End of September. If you were a betting person, what do you think of these deadlines being met? 35% chance?

"K2O has appointed Boyd Petrosearch, a leading Vancouver based expert in seismic analysis
for the potash industry to review, acquire, process, interpret and analyse available 2D data
across the Paradox Basin. Transit has access to a substantial database of 2D seismic which
is available at a fraction of the price of conducting new seismic surveys. Initial work is
scheduled to be completed by the end of the September 2010 quarter."

and

"In order to begin drilling the four holes which are currently proposed to be
drilled on the state lease blocks a Notice of Intent needs to be issued.
Transit intends to submit a notice of intent to drill by the end of the September, with
permission to commence drilling on state leases expected during the December quarter."