well strike me pink, page-19

Hi Angry,

My expectation would be that, at the current level, if the option rights go through, giving a 1-1 replacement of options at 1.25 cents with an expiry of say 2011, I would expect the options to be worth between point 3-4.

Passing the options right at the EGM will do nothing for the heads price, and yes, as the CVI shareprice moves towards 1.25 cents the value of the options would move up in kind.

Hope this makes my thoughts clearer.

Cheers