Ann: Change in substantial holding, page-11

Good Morning Fjord,

What happened to the sell off that you forecast?

Do you think most MRC shareholders see the potential in MRC's projects where it is priced as an exploration company and they understand that Mark Caruso is going to sell regardless of the development/progress MRC provides?

I am surprised Simto Resources/Zurich Bay (Mark Caruso) were selling when MRC announced a MOU with Mitsubshi, Traxys, Secured its new De Punt exploration area and identified the new zones to commence drilling.

It was perfect timing for Mark to put out his changes of substantial shareholding (although it was well after the time period required under the Australian Corporates Act) showing when he was selling.

Its pretty amazing he isn't using a broker to sell small amounts each day, instead it appears he waits for development news to arrive then sells during that month. no doubt you would understand this impacts investor confidence seeing no SP growth when the company announces significant progress. Then when he stops selling the SP does recover a little, more news is announced by MRC and his selling pushes the price back down.

It is pretty scary how much money Mark has cost himself by selling the way he has. His holding was worth $30mil, now its dropped down to $3.7mil, I can understand why he has needed to take up a new role at another company.

$3.7 million isn't to many more shares for investors to work there way thought, It might still hold the SP back for a while, it will get to a point where he is no longer a shareholders and the SP will climb back to 40c as you and Norway expect.