agm report back, page-13

Snick/Rich,

Good reports and I agree with your comments, and Snick was particularly persistent but after asking the same question a few different ways we didn't get any real commitment to make changes on marketing and supporting the SP.

Tim Read did impress.

Would only add that the JV "process" they are running at the moment sounds like it is being run professionally and I spoke with Bill Etheridge after the meeting and he said that it wouldn't drag on - they would get a result shortly or move to "Plan B" which sounds like a massive cutback on outgoings and then hunker down for 12 - 24 months until capital markets improve.

It's a bottom drawer to the power of two strategy, i.e. I need to put MNC in the bootom drawer and the coy will put Los Colatos in the bottom drawer.

Matt