Ann: Appointment of Chairman, page-15

Capital won't be so limited if Halls Creek gets a turnaround but I see what you are trying to say. We have to remember that HC got operational on a bootstrap budget, in record time and while GOLD was in a downturn. I do give Paul and Co credit for that. It is looking like they are employing a more slow and steady approach to Norseman for a reason I can only think of as lessons learnt from HC. The Cowboy approach they've employed to get HC up and running fast may not be the best action for Norseman and one can see that from a mile away...

Many have spent their whole lives trying to find a 1MOz gold resource and have failed. There is 2.6MOz in PNR...

If PNR can show a significant improvement in HC operations in the next couple of quarters then I believe the market will be all over this like ants to a sugar bowl, as it de-risks the financing of Norseman but as of yet I'm not convinced so my holdings is very small. No shareholder likes dilution and specially not at this price.