Ann: Bundi Joint Venture Marketing Update , page-25

Definitely could go lower just like every other coal explorer but it has absolutely nothing to do with MTE funding issues. MTE has $38.5 million in cash (inc Columboola JV funds) at its disposal.

In 2012 those funds will be used predominantly for

Drilling 80 holes in 2 stages at Bundi to achieve more inferred, more indicated and establish a maiden measured resource.

Drilling 40 holes at Columboola to establish a maiden indicated resource.

So let's just say that MTE will spend about $10 million on those drilling programs we have left $28.5 million in cash. Take away administration costs (inc scoping study) of $2 million and we have $26.5 million in cash left in the bank as at the end of 2012.

So where's the funding issue with MTE?

If anyone disagrees please come forward.