investor update, page-5

Sure there are plenty that struggle to get financing but not every resource is the same so not much point comparing ourselves with marginal plays. The richer the resource and the more profitable the mine the better the chances of getting funding. Good resources don't lack opportunities for funding.

We are sitting on one of the worlds most desired commodities right at the moment and as you know the prices of our minerals are going through the roof. Funding options will be numerous once the resource and project economics are properly established. No point selling the majority of the company on the cheap the week before you know what it is that you are selling.

If Mark genuinely believes we need ECE and the $41mil that he originally agreed with them then fine, take the $41mil and give them 40% (using their updated price per share). But no, they have chosen to increase the amount of monery that we need (for no apparent reason) rather than reduce the ownership percentage. Why ?

Original offer: $41mil = 51% @ 34.5c
New offer: $46mil = 51% @ 40.5c

Since the sticking point is absolute control what the revised offer should have been is:

$41mil = 40% @ 40.5c

The revised offer is nothing but window dressing. It hasn't addressed any of our concerns. They obviously think that we are stupid.

By the way, anybody who says that those that don't like it can just sell are missing the point. As shareholders we have rights and one of these rights is currently to vote on proposals like this. As a part owner I'm not happy to just sell up cheaply because somebody offers me a crap deal and says take it or leave it. While I still have a vote and remain a part owner I will exercise my right to vote against poorly concieved proposals like this.