vote yes for resolution # 6, page-24

hi tailspin,

I agree. But I have been thinking that cre changed the game. And it changed it in a hurry from what I heard.

I don't know and will probably get shot down for this but I feel in my gut that cre was serendipitous ------- I might be wrong, I would like to know exactly the timing but to me it seems that all of a sudden fml has a lot of cash hanging around (complements of us) and there is a deal in the wind and a lot of development to be done to get resources and reserves up and production into turbo.

So what happens - rumor has it that the deal evaporates - and all of a sudden cre is available - wam bam, reserves/stocks/resources and production take an enormous leap northward ---------- all for a pittance.

serendipity? ----- it is in my book.

So we go for it and we stretch probably a way beyond what we originally planned - and we have to do a Jack Davey for a couple of quarters (maybe 3 but I doubt it)

A Jack Davey is Jack Davey's philosophy on life - something like this

'Most people are too scared to bite off more than they can chew - Jack used to say that he fitted as much into his gob as he could and then chewed like buggery'

My sort of guy, and my sort of company ----- AT THIS STAGE.

To me -- except for shareprice -------- all the other graphs for production, dirt shifted, dirt processed etc etc are fine ------- the cash drawdown is what you pay in ONE quarter for a massive development shift AND getting your hands on some great big real estate AND some wonderful bargain basement assets.

Personally I think we will stabilise in this quarter - in fact by now actually - but we will certainly be running smooth by the next one - and from there on I think people will be stunned at the bottom line.

If one looks at the production/work graphs now - we should be stunned already -- they have done an excellent job.

I know people are getting impatient - especially one's who bought in many years ago - but ask any builder, it takes time to build foundations - they are built now and in one half we have basically doubled the business - and we haven't actually spent much doing it. imo.

And you are dead set correct - fml has grown massively when the world is almost morose - an amazing achievement in my book.

One of the easy things to forget when we look at comparisons with other companies is that many companies aren't actually there anymore - gone, compliments of the gfc.

fml board and management do make mistakes - but they make a hell of a lot less than most - and I hope to see the results of their decisions within 6 or so months ------ all the marks are heading north for me at the moment, if it changes, so will my sentiment.

I reckon fml is like a cake - it took quite a while to assemble the ingredients and then it took a while to warm the oven and get the conditions right, then just at the last moment we found we had enough ingredients for 2 cakes, now they are baking - and soon we will get to begin eating -------- I could be wrong, but I doubt it.

have a great day

Pinto