9.8 million shares, page-6

Hi AEB,

Sounds very exciting indeed.

I have followed the PMA story for a few months even though i am not a shareholder. My reason being MXR owns the entire surrounding tenements of the Windimurra apart from PMA (WVL). It has just finished the first phase of drilling both the Canegrass & Shepherds tenement which is the continuation of the PMA Shepherds tenement. Its approximately the same size as PMA's and from the original rock chip samples were showing very similar vanadium concentrates. Results expected early January. Worth keeping an eye on it.

So far PMA (WVL) has only concentrated on around 8klms of its 18klm tenement. That means it will be a massive resource as they continue drilling and exploring. At some stage IMO, i believe MXR will be in a prime position for PMA to make its move as long as the drilling does prove up the resource. Its a long term view. Then again that's also Noble's view as well. Its longterm. The PMA Annual Report highlights the steady growth in demand for Vanadium over the coming years.

Very exciting.

Cheers markco2