Ann: IMX signs Heads of Agreement to sell Mt Wood, page-14

re: Ann: IXR: IMX signs Heads of Agreement to... Pilatus,

A bit of history, and I am happy to have a discussion about it.

ZFX had $1B approx in the bank and wanted to get into copper. OXR was building P Hill, but cashflow was not enough to pay for it and bank debt was maxed out. Hence the merger between the two.

If the merger had not taken place, OXR would have had to stop P Hill or trade while insolvent. Even with the merger, the newly formed company almost went broke. Hegarty as part of the BOD was just as responsible as all the other board members.

So, while I would agree he was not wholly responsible, he was still responsible.

I agree that OH in buying out Minatour was a great move. His execution of the mine plan and build was not well executed.

HT1