dr greg partington, page-6

Hi Miner,

Lol, yes I was wondering if John Lawton had read the post and made a statement to counter it. However I agree with Excelsior who has succinctly explained that what AZX say, and the reality of business, are totally different. Greg P owns his own company, Kenex, and it is this company that has 'led the geological investigations at Bullabulling' and will almost certainly be kept on with B'ling whatever happens with the takeover.

Although I respect to your view that AZXs argument being compelling, I take a different view and imo AZX are making a poor defence of their position and seem to be putting out somewhat 'misleading' statements (for want of a better word).

1. They have gone on record stating that GGG did not canvas AZX ii's, this is almost certainly not true. GGG will have had 'unofficial' contact with both sets of ii's and will not have launched the takeover if they did not have the backing of at least several of the larger ones. I can not prove this point but I'm 100% certain it's just the way things work.

2. The stuff about GGG not being able to develop B'ling from 'far'. Anyone would think we are still living in the Victorian age without modern communications. Regardless, GGG have already started putting in place a local very experienced team including the highly experienced and respected Michael Short and as stated many of the people working on the project will still be working on the project so this argument is pathetic.

3. AZX keep banging on about this proposed 194k drill program but never mention they want to do this with one rig and take maybe three years doing it. GGG have clearly stated their views on drilling and have the funds available to do it.

4. Excelsior has addressed the CGT issue and I have no comments on that.

5. They state 'the offer does not recognise the value of Auzexs non-Bullabulling assets'. This maybe true but John Lawton has gone on record to say the general market give no value to AZX's other assets, so why would GGG.

6. They state 'Auzex's non-Bullabulling assets which have been placed on hold so Auzex management could focus on the fast track development of Bullabulling'. And yet they still recently decided to spend A$500k on grassroots exploration, does not sound on hold to me and seems to be a belated attempt to appear more B'ling focused that they actually were.

7. They state 'The Offer is opportunistically timed and does not contain an adequate premium for control for Auzex shareholders.' This is a standard defence statement, but at the end of the day I don't see a queue of companies knocking down the AZX boardroom door.

At the end of the day Bullabulling is the only golden goose here and it matter not one jot who owns it as long as they exploit it correctly. Both managements will/are capable of doing that but GGG really want to fast track this with multiple rigs, AZX talk alot about fast tracking but have shown absolutely zero information on how they intend to do this with one rig. Unless AZX swallow some humble pie and agree with GGG that multiple rigs are required, then in my mind at least they have no credibility.

Regards
Temu