as mentioned publicly at the meeting:GT has resigned due to a...

as mentioned publicly at the meeting:

GT has resigned due to a change in personal circumstances. He has no intention of selling his shares and will probably convert his options. (Comment: No indication whatsoever of any board spill or political problems. It's business as usual.) Ian Macpherson was doing the presentation.

It was asked whether Mark Jones had talked to Garry about his shareholding but there's no need as he is not selling;

12 of 16 holes drilled for 5250m;

maiden code compliant resource due in Q1 2011 as well as an interim statement earlier in the quarter using half the holes drilled;

because of historical drilling they know very clearly where the potash is so can fast track to production much quicker;

focus is on 25 km2 of the 1437 km2 which is projected to have a 25+ year mine life just from there;

$80 a tonne cheaper than Canadian producers (can't remember whether this is to market or to ship?)

Carnalite assays due in 3 to 4 weeks;

Gamma logging is showing alot of promise and EK04 looks good which is ~4km south of EK01.

The 2D Seismic survey is showing very good continuity between holes;

They were discussing a possible TSX listing some weeks back but the london institutions didn't like the number of options so some major shareholders converted their options. no longer entertaining the idea of a TSX listing;

need $2 mill more to complete this phase of drilling no cashed up nicely;

They are leaning towards a sylvinite operation at this early stage. If so, they will mine using room and pillar basic or mechanised technique serviced by twin declines as opposed to shafts as the sylvinite is ~4m thick so good size;

If go with carnalite, solution mining like MAG (400 - 900 metres) but leaning towards Sylvinite atm;

with room and pillar, if they prove up 300 million tonne, then that should convert in very rough figures to ~35 million tonnes of K20.