Ann: Ceasing to be a substantial holder, page-36

Thanks rayz.

This adds to quality discussion on the thread. While I can't read into this that the other JV's chose to exclude HPX, reading the Strategic Alliance document as a whole would suggest that Apollo was specific in keeping HPX aligned to C'Hill JV, and not linking them to Eaglehawk or Mars Aurora. This ensures investors and JV partners are very clear about which partners are attached to each of the tenements (considering HPX share holding and appointed board member).

I could be wrong here and would appreciate feedback, if HPX are confident of what is in the ground, spending $1.7mil to gain 51% and a further $1.7mil to gain 80% exposure to a potential big find in Wirrida and a component of Bundi, then its a small price for a higher stake of a potentially substantial prize. I read this as a positive sign about HPX's confidence in the C'Hill tenement.

And, yes Apollo's interest in C'Hill gets diluted. The prize of interest is Bundi, and for us AON's, more so South Bundi. HPX confidence in North Bundi should translate into extra confidence for Apollo in Eaglehawk and South Bundi. And Apollo also has the Mars Aurora drills running as well...

The drills still need to do the talking, but with the potential for another Prominent Hill in these tenements, with Bundi a priority target, things will start getting interesting as the assays start to flow.

Once again, the drills still have some work to do....

Thanks again rayz.