AJX may become capital constrained as it ramps up production, page-36

kingy --first up there is no suggestion that directors get a free ride - indeed, they are doing this as well as any I have seen.

There is also no suggestion that SI's get a free ride -------- what happens with strategic CR's is that you get institutional support where you think you need it. Yes, mostly those are done at a small discount - that is not new - normal practice - and if we did do it - it would be almost insignificant to holders here.

It happens --------- we don't need much of this if any ----------- most companies do need it to drive their SP to very high levels.

If we stayed in Australia - we would get the values we all want - but, you would have to develop for a lot longer then if it were in the US ----

why - because they run at higher PE's than we do ------------ why? No idea - but, that's what happens.

If we are to go to the NYSE ------- somehow - we need to get American investors - as long as we do it in the interests of Aussie stockholders - IMO - it's fine.

It is not like this company does massive dilutions - in fact - quite small - and, from here on in - hopefully none or very little - but, if one needs to - then, do it strategically.

talk soon - we are in process of clarifying a lot about the figures - it might take a week or so because of the Aussie trip.

Nick - I think is about on the way to the airport and the boys are still flat chat.

Pinto