korea looking to africa & meeting with aussies, page-6

dMaleny,

Have a chat to Fred, Andrew or Richard too. I have found they are very supportive to shareholders who seek information to have a greater understanding of the company. You won't get 'silver tongue' from Richard.

As for the RSL/GBE joint venture, my belief is that Mark Sumich has sold out on the shareholders of GBE. There was/is no need for GBE to obtain such a large amount of money at this stage of the venture. There was/is no need to sell 51% of the Company for such a low figure. GBE/RSL have product that the world wants and needs and they have it in high grades.

GBE/ECE must perform on the agreements entered into otherwise they gain no more than the current 20% of Machinga they already have. If they default, however, they do not lose the 20%. That also needs to be understood. If they default from hereonin, we (RSL) retain the current 80% that we still have.

I still cannot get to the bottom of why Mark Sumich from GBE announced Machinga results would be released in September 2010 (presumably after drilling in the months earlier) only to eventually release them at the end of November 2010, after shipping them half way around the world. Coincidentally he began negotiations with ECE during September. Now he is converting options faster than you can say "Desperate", quite possibly using money that he has milked from GBE by way of 'salary' to fund those conversions.

GBE only needed less than 10m to keep going for the next 12 months. They could have done that by way of a cap raising, or any other method, whilst more and more of Machinga was proven up. What would that have done to the share price? What would that have done to the worldwide understanding of GBE/RSL?

RSL shareholders only need pop their head in the 'theatre' door of the GBE forum to see how unhappy the shareholders are. There will be many who will have 'left the building'.

The ECE squabble will simply cause delays for the next couple of months on the issue of Machinga (for RSL).

However, we, at RSL are progressing forward with drilling in various leases in the NT, acquisitions in WA and potentially Tasmania. We don't need to raise 10m to progress Machinga. I regard that as comforting.

Cheers,
Tangrams