Ann: New Exploration Tenement Granted , page-3

Hi P,

I can imagine one of the companies you refer to as 'cowboys'- IF you can break my code. Ha!Ha!

As for the VML SP, I'd say the slippage is down to the fact the DFS results and review are still some time away, contrary to repeated company predictions from late last year. True, MS has been very good in providing updates at regular intervals, but unfortunately there's nothing in them to fire up shareholder enthusiasm in the very near term. There's no prospect of any construction at Watershed this year even if all goes well DFS- and finance-wise, and therefore no tungsten production for the best part of three years. The gaining of new exploration permits won't suffice. The best hope of a quick shot in the arm would come from Burkina Faso, that's if there was a decent exploration programme under way, or some funds to provide for it. There's also the Macquarie bank loan to repay this year. Enough said, I think. Still a possible goer in the long term, though. What do they say about needing the patience of a saint?