Ann: Sale of Cambodian Assets , page-6

On an up day, OZL was sold down and RNS went up.

So, the market today thinks that OZL did the wrong thing.

OZL, has though, kept to their statements and followed through. They said they would sell it if it did not reach 1moz and so they did.

Other posters are quite correct. It does remove a distraction from management and allows focus on the critical few without being distracted by non core assets.

MX, I think OZL know exactly what they want to do with their cash reserves. The fact that OZL is not dancing to the tune set by the analysts or those that want to see "something" happen, means, to me, that they will not do something stupid like NCM and Lihir or Barrick and EQN or ZFX and Allegiance. History has shown that most M & A destroys shareholder value for the purchaser. OZL has been part of that history and does not want to repeat the mistake yet again. That, to me, is a big positive.

When I have listened to the web casts, the analysts ask why the exploration is taking so long to get a result. i.e. the same question you raise. TB has answered that they are doing this work in a very methodical manner and the data gathering and mapping does take a long time. The stock market gets excited about SFR, but it really is an exception. Finding resources is expensive and takes time. BUT, TB also said that by the end of 2013, if nothing is found, he will give up on PH2. So, in his plans, the exploration has another 2 years to run.

C - I agree with. My only comment to that is that they are working on it. They are not constrained by cash or the banks and can progress as quick as P Hill can generate the cash. That is a big plus.

HT1