Denver Presentation Clip, page-8

Thank you CV for your views; they clearly resonate with a lot of readers. I do understand where you are coming from too as I am underwater at this stage.

My view is that layers of 'abstraction' always distort source and that does not just relate to mining investment.

The real source here is the emerging deposit. The first layer of abstraction is the personnel; with Col. Sanders at the helm but you might consider that the company is source too in a sense. In that case their skill or lack of skill in explaining their strategy and rationale to the market is a layer of abstraction. It can work both ways too as seen with DEG and remember DCN? Our own perceptions based on experience or lack of experience is another layer of abstraction and that is our individual challenge.

The biggest abstraction of all is price. CV is offering a plausible theory as to why the share price is where it is and I hope I have done the same. I am trying to stick to the deposit and first hand discussions with management where I have attempted to better understand the business, the deposit and the rationale. I see upside perhaps CV does not I am not trying to put words in your mouth. All due respect.

If shareholders have questions they should go to the source and get answers and I have always found them open and straight forward. I do not think a T/O is on the cards at this stage for two reasons. Firstly 'majors' need the project to be more advanced before they could take such a proposition to the Board. Secondly I do not believe, and that is only a perception because I have not verified "source", that Electrum, Paulsons or Franklin Templeton are in this for a 50% return or even 100%.

This seems to be what Tom was alluding too in this presentation. I believe he was trying to convey the investment rationale from the big funds who will be looking at a longer investment horizon and a far greater ROC. The 30km strike over all, the 9km dolerite through Bombora and the new 12km strike of contact zone (also magnetite rich) represent the upside they see in a gold bull market. I am not here to offer my opinion as to how you read any arrogance or otherwise. Once again if you want a distortion free insight talk to the source. Ring and ask and form your own opinion you are all intelligent enough to form views and do that and change your mind or stick to your view.

I think CV has a great point from a market perception at the retail level and I respect that. We are all right from our own perspective because that is the only way our individual circumstances can match or not match the message and timing. Clearly Electrum and the others see the deep value "situation" Tom talks about. This implies they agree with Tom about the current price too.