Ann: MCB Project Mining Permit granted by Philippine Government, page-575

So we are either almost broke and out of funds and looking at closing the doors, or we are putting the final touches to a deal which will see this project either fully funded to production or substantially funded, so we don't have to close the doors.

If we have managed to put together a deal with someone, one would suggest that we are not in a position of strength, so on that basis, I am not getting my hopes up that the deal , if it exists , is going to blow my socks off. And management of this company have not got a very good track record of delivering on desired outcomes.

Now recent share price activity would suggest that the market is betting on a favourable outcome, but I am not convinced that these bets are any more than just retail doing what they do and throwing a few dollars on black in the ASX casino, so not really placing any weight on recent price movements.

So overall I am leaning toward a conclusion that we might see a deal but not overly beneficial to long suffering share holders, but maybe appealing enough to make recent shareholders reasonably satisfied.

Of course the perfect scenario is to be taken out by a competent bigger fish that offers experience in dealing within the country, offer a price that is hard for anyone to refuse, could be a script or script plus cash offer so that if holders still want in on the project they can continue , could be solely focussed on this project only, thus leaving other assets that CLA have to continue to be in play moving forward, or could be a complete takeover ( less messy for shareholders) , or maybe just a cash injection to get the project to production for a specified slice of the pie, the possibilities are endless.

As I fall into the long suffering camp and I have given up all hope of ever breaking even with CLA, I would be happy to recoup half my losses on any deal put forward , so any deal that represents the equivalent of 5 cents per share value, would get my tick of approval, and I would be happy to get a script offer in a bigger fish , and would contemplate holding this to actually see the project through, subject to being confident in any company being able to deliver.

So that's where I stand, and yes I am a realist, so not expecting my wishes to be fullfilled, and I am a share holder in a very weak position , so living on hope only.

Good luck to my fellow long suffering shareholders, it's been a really crap ride, and can still get crappier. Let's hope the share market gods are looking down favourably on us and give us some respite from our pain.


Christopher