Ann: Corporate Restructure and Share Purchase Pla, page-86

re: Ann: Corporate Restructure and Share Purc... Thanks DGH -agree to a certain point but not being an LCY holder myself would differ as follows:

It seems clear that LCY and HAW are not getting along at all but this action implies that HAW will not be bullied into unloading thier 40% in the way that you suggest. They will park Mt.Bevan in the existing HAW and-with their self-worded agreement-ask LCY what they are going to do about it?

It also seems clear that corporate lending on all but robbery terms is not accessible and that none of the mentioned potential stakeholders are prepared to get involved on terms acceptable to HAW.This does not mean that HAW are in trouble-they are no different to the highly under-valued Company that they were yesterday-simply that they cannot progress without asking us.

If the price dips below the offer I will maintain my stake by buying in the market but will otherwise take up.They are asking us to fulfil the intended function of the joint-stock shareholder-to step up and provide enterprise finance.If you give us the money we will drill Coles,Exile,Exile North,Coffey Bore and Whiteheads and give you ounces in return -and highly-profitable near-surface ounces at that.

This is the worst possible macro timing but even so the reaction to date suggests that even the market appreciates how cheap this stock now is.