cleansing statement, page-12

Moonta

You need an appreciation of the historical context of this company of the last couple of years to make assumptions that buying PLV shares at 35.5 cents is somehow perceived as being a positive.

It was an agreement. That agreement was conducted when the shareprice was well above 35.5 cents. That agreement in and of itself contributed to the further weakness in the share price as it set a base of perceived valuation.

That agreement was also during a time where the share price spiralled from levels around 78 cents where the Mayala native people.. the people who own Irvine were issued shares in this company at that valuation.

An SPP was also issued to shareholders at 78 cents as well. The people who were already on the register that were loyal to the company.

The release of the PFS was the catalyst for the share price fall from those above levels.

It followed merely weeks after those issued shares at the 78 cent level.

It was further exacerbated by the decision not to include all the resource - this guaranteed a double whammy if you like with the share price.

Its a decision most shareholders didn't see coming or to this day can still fathom.

The shareprice went into freefall. Many shareholders, myself included, watched in disbelief.

As I say, soon after this event Timeone appeared and saved the day. No doubt licking their lips from afar salivating at the incredible opportunity that appeared to present itself.

Now if 35.5 cents wasn't enough, Timeone failed to deliver agreed payments to PLV ensuring that 35.5 cents was further eroded....thus even further eroding the perceived value of this company....and the markets (and many shareholders) confidence in it.

Thats why we have hovered sub 25 cents.

A series of events have crippled the share price.

Lets not look at 35.5 cents as being an inflated value of this company - nor see Timeone as helping us out by sticking to its agreement in buying them.

In my very limited view and understanding, Timeone owe PLV a lot.....they have a bargain and they know it.

On at least 4 occasions they have failed to deliver on time....and they are doing it again.

They have not helped to this point - they have hindered with their lack of professionalism and ability to deliver on their agreements with PLV.

Those of us who see beyond the smoke and mirrors perhaps see value where value does not appear to be at the moment...

You can betcha that Timeone see the value...thats for sure.