Ann: Appointment of Managing Director , page-4

Welcome aboard 43 and newbies. As a LT holder I can tell you IFE's resources are not the issue. We've known we've got the resources and they are high grade. The main issue as I see has been poor management. Lots of spruiking on the part of Ian Finch and in reality he has not delivered, or explained why not. Inadequate shareholder updates, inaccurate updates, too many missed timelines, general market mistrust and disconnect.

IFE was floated @ $1.00 and reached highs of $1.61. Todays sp tells the story.

Having said the above IFE's downfall started when the MRRT was announced and the next day Chinese pulled out of their MOU with IFE. That was unfortunate, although many thought IFE would be better placed to have CR's and go on their own taking 80% of profits. Makes me wonder where we might be today if the Chinese stayed on board?

Anyway that's all water under the bridge now.

Another example of cockups is a completed workers village laying idle, a tug purchased which we now don't need all maybe good ideas at the time but unnecessary and wasteful in hindsight.

This is not meant to be a downdramp. I have been holding at a much high sp for too long, also have a fair amount of skin in this thing to not want it to succeed.

IFE's last MD was hailed as being the right man to get things moving for IFE and left unexpectantly... not sure why. Whatever the reason just hope Mencel stays around long enough to get IFE into production and with regular, accurate shareholder updates restores market confidence.

I agree with Mencel that approval for variation to Lucky Bay should be our prority at this time save $30M in costs and finally get the ore on a ship to China.

GL all,
P.