Ann: Application for Quotation of Securities, page-33

Not all projects can be simplified by scaling…If the project is not viable per tons moved don’t expect a profit from more tons…You need to create efficiency per tons mined

If you we’re following conversations you would be more than aware bottleneck studies and optimisation studies seem to be limited to a walk through approach…The company has been very clear in the disclosure there are no guarantees of success…They have 6.5 million shortfall and no one knows what impacts this could have…Where are the cut backs and what are the effects on efficiency

Am willing to sit on the side lines for the many months on this one…Hopefully they can turn it around as it could get nasty if they don’t…

Regards Croc