Ann: Appendix 2A - Exercise of options, page-20

IMHO Mandrake's directors are in breach of ASX LR3.1. A reasonable person would expect the delay in drilling to have a material affect on the share price +/- share trading. The directors & co. sec. need to think on about their continuous disclosure obligations and liabilities.

At best you'd think the delayed start is due to rig availability, and the drilling contractor's still busy with someone like CHN or DEV and the quantity of drilling is relatively small. With the amount of work on most drillers wouldn't get out of bed to go specifically to Northam to do Mandrake's drilling. All geologists and exploration managers have been there and done that, but its how you manage these delays that sets you aside from honesty vs incompetence. There appears to be a laissez faire attitude at Mandrake.