springtree, page-23

Hi Nannook
Yes you are right the Co did sell itself short by allowing the Indians to take 50% of LCY for $19 mill and not the $40,50 or $60 mill as hoped by us holders, however, where would LCY get the funds to get Mt Bevan beyond the current drilling program and to BFS without further dilution.

Would they be able to raise further funds given the current plight of the world financial markets. The way I see it is with NMDC backing we will be a producer out of Mt Beven and further dilution of our Co will be kept to a minimum given the finance structure already identified for Bevan.

Throw in the additional projects that are currently ear marked for acquisition (MAK or RIDLEY are Co makers in their own right) and we will see LCY re rate quite quickly imo.

Do you really think the LCY SP would be any higher without NMDC onboard given the current state of the markets and in particular the SP of some of our neighbours in the Yilgarn region...?

Finally the $30 mill we missed out on originally from NMDC will be a needle in a hay stack given the tangible benefits and projects the curry munchers will bring to the table in coming weeks/months imo.