Ann: Chairmans Letter - Hillside a high quality Project, page-8

Hi All, IMO! These guys would make even our politicians look honest, Would anyone with an inkling of sense buy all that crap about ....remaining committed to the development of a large scale copper-gold - iron ore project at Hillside...... Hillside has been canned, no ifs, no buts! I also believe that Hillside's sustainability problem was recognised some time ago and, moreover, the Company were aware that financing Hillside would not be possible. Lets face it the copper market hasn't deteriorated enough to warrant blaming it for Hillside's demise, in fact, quite the reverse, the Oz looks more than likely to weaken against the greenback.( Though the magnetite contribution , at least in the short term, doesn't look too promising) To expect a smaller scale Hillside to deliver the goods is rubbish, Hillside's viability depended on maximum throughput, even the company recognised that, do they intend to mine the higher grade fractions of the resource in a dubious attempt to justify keeping the status quo? I suspect maybe they do! The depleted resource wouldn't amount too much that's for sure. I like the bit about .........opportunities from a a low cost start up........B.S!.......What the hell does a smaller initial impact ........and a broader understanding of a well managed project ......mean? Crikey RXM have spent a small fortune and a deal of time putting their point across, what else are they planning? I shouldn't have been so trusting , so I've only myself blame but I do believe a company owes their share holders something, tell it as it is would help! BOLTA!.