Ann: Placement , page-5

"Those who celebrated Steve & Andrew's desertions should now be weeping"

GZ - I will give the new MD and Board a wee bit more time to settle in and prove to me they can get a decent funding deal in place and get the project started and get some positive exploration results from TTR's greatly expanded prospective areas. Hamish really will be the one who will live or die by the sword on this one. He is the one with the reputation and most to lose.

As you may guess I had a lot of time for Steve. He may have not been an entrepreneurial bang on the drum sort of mining man but he and his team were able to operate within tight budget and resource constraints quarter after quarter. Pity I believed in him and the rest of the market did not. In the end he may have lost a little enthusiasm but over the last three years in particular the team was focussed and did manage to move the Phillips River Project significantly forward.

In defense of the placement though (just to show I am even minded) the last few weeks have been diabolical for most mining stocks so 8 cents might have been 9 or 10 cents earlier on. At least all the recent placements have been at increasing prices. The share price is still a hell of a lot better than before Christmas.

After selling a "comfortable" proportion of my holding during the last surge I was always planning just to sit on the rest and see the project through. I am quite aware from years of experience that there would be numerous ups and downs from a DFS through to cash flow positive production and dividends. The only joy I would think would come from excitment on the exploration front because there always seems to be pain with construction delays, commisioning issues and ramp up problems during these phases of new mines.