merryl lynch offloaded to oxr, page-12

Hi Vasilly,

I am going well and so are the Hawks! How are you ?

As far as AQD is concerned, they are still currently drilling Nickel targets and this process will contine for the next 3 months or so with announcements released as results as progressively received.

The U drilling will be later this year, but as I said earlier, U stocks have fallen out of favour big time of late and Iron Ore is all the rage. See ADY, FWL, LEG, FXR, POL and ARH to name a few.

The recent stake taken by Oxiana in AQD is a very good indicator for the future but stakes can also be sold if nothing of significance is found.

I suspect a few ups and downs over the next few months with AQD but am happy to hold whilst I trade a few others.