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Hello all

I've just returned from the meeting and can say that my confidence in Ady's future is syill in tact.

I sopke at lenght to J.A and Mike Perry.

The facts are that:

Most importantly, The nost likely j.v partner is a BIG company with huge assets and liquidity . This is as far as he could go as well as saying that it will be achieved in the next twelve months. When I pressed him as to the earliest possible time he said that these things take time but the current parties are very interested so read into that what you will I guess.

J.A was of the opinion that Ady would only be going into a J.V with a 51 % control which I think is very important.

-there is 423 tonnes of resource (which they hope to convert to reserves within the next 1-3 yrs.)This will cost 5 million dollars and most likely will be financed as part of the j.v

There will be ongoing feasibility studies which could sure up even more resource.

They all seemed very tired and I feel they are all committed and with no debt I think things will quickly get under way.

Mike Perry only joined the team on the condition that things were cleaned up. He is very astute and is an expert with J.V's and would not board a sinking ship if that gives anyone some reassurance.

Rincon was mentioned by myself but I believe reading between the lines that P/T's thinking was not inline with the current management which gives me more hope for the future.

For me the biggest point was that the j.v partner looks like a big player which could see the port become a reality as this will cost 90 mil.

I believe Ady will do a lazarus and the worst is over.

Gl to all holders.