Ann: AGM Chairman's Address , page-10

Baggy, I meant what I said about the qualified "good news". That is a change of tune of sorts.

Given what I think I worked out from soon after JT left, I don't see any point in talking to GIP's management these days (JT was great when I first talked to him, but increasingly had to clam up (as pressure was brought to bear by various interests and authorities) and proffer "lines" as GIP's management currently seems to be doing). My position is based on my independent research, experience and thoughts on the matter and not so much because past announcements and contributions to this board have indicated strongly that managements's heart hasn't been in the main project (it was in Tassy tin for a while - they were also unhappy that Eritrea had to be kept). I'm also uncomfortable with the way some things were done and people handled (eg. the reason for Dunlop's resignation and lack of shares) and not just in relation to GIP.

It's little skin off the Fisherman's nose if GIP fails. Unlike JT, he hasn't got a huge proportion of his resources and energy wrapped up in this project and he could doubtless write off and repackage losses in all sorts of ways.

GIP has suffered a series of massive devaluations in all senses of the word since JT left. It hasn't been "saved" yet by it's diluters yet. As stated more than once before, my position has been since JT went that I would have preferred the company was delisted and only brought back on when conditions improved to the point where funding was possible. That would have meant the loss of the rights to Eritrea etc. That's something I wouldn't be alone in being able to live with if the tantalum and / or feldspar got properly funded (and secondarily, if ALL shareholders got something of benefit from it). On another matter, what exactly the arrangement is with the Egyptian Government in all its various forms is not something I've been able to get a handle on for years ie. by what time something constructive has to be done to avoid the main pit also being lost (the alluvial tin is largely outside the main pit as I understand it and the second and possibly third tantalum-feldspar pits are some distance away - ditto the gold, which despite historical records, was dodgy without better and more up to date drilling results from deeper down like Centamin finally managed to achieve).

On a more positive note. Many have attacked me and others on this board for being much more upbeat in better times past. The main detractors have almost all gone, however. Tastarga was supposed to be an industry expert, but his pet project got wiped out years ago (long ago, some people from the country in which it was based warned me that any project there which is unlikely to pay back in full inside in two years is too risky due to cyclones, which was the problem which broke the straw of Tastarga's project). Stocko is not with us any more (unfortunately for his family). Sabretoothed has disappeared and his thousands of one liners with him. Greenbushes supporters have gone. It's a long list. Sadly, we've also lost some very high quality posting types like Domum too. Boring or whatever as I may seem these days, I'd be more than happy to be presented with some quality evidence that would help me to change my mind (I haven't given up completely yet or I wouldn't be here). Upbeat management pronouncements and glad handing doesn't count, unless it relates to real progress (something better than kicking the "tin" can down the road, which can't continue forever) and the slowly improving Congo situation is somehow kept at bay.