19m dollar lifeline......is great news, page-5

Administrators first report can be viewed on Ferrier Hodgson the website.

http://www.ferrierhodgson.com.au/caseprofiles/details.cfm?objectID=55

The report paints a fairly realistic picture of View's insolvency after the failure to meet budgeted production and cash flow in January.

Biggest liabilities relate to hire purchase contracts but given strong market for second hand mining equipment it may be an outside possibility to actually cover most if not all of this liability. A $10m claim by mining contractors EROC will be disputed. $3.6m is being set aside for this liability.

Cash position at 5/3/08 ($5m) is reasonably solid to meet immediate needs of the company and administrators.

Administrators now of course are working with IMC to prepare a Deed of Company Arrangement (DOCA) to restracture and recapitalise the company so it can continue trading and clear its debts in due course.

IMC will be digesting all the available information in their due dilligence activities. The second creditors meeting will be delayed to allow all DOCA processes to be completed.