Ann: Consolidation/Split - ICG, page-96

This post may put a few noses out of joint. That's not my intent but seems impossible to avoid.

How are you going to hit the ore without the capital to drill?

Are you suggesting that the board should just sit still and use all existing capital to pay wages, listing fees, lawyers and accountants until they are broke? Or maybe you think a JV partner will turn up in short time and then you can wait 4 years while they slowly develop a campaign? Will their interests be perfectly aligned with Inca shareholders? Will you have the patience to wait the 4 years?

I also note that no one is jumping up and down remarking on the $4M expenditure your board saved shareholders via the S32 JV earn in that Inca shareholders now have back. (Look at S32 write downs announced yesterday to see why the accountants were in a hurry to stop spending on JVs).

So from the point of view of anyone putting in capital to expedite a drill program, you are looking at the consolidation issue back to front. If you are an existing shareholder you have to work out whether today's Inca is a good investment just as I have to as a non holder. However, as I've repeatedly stated, for it to stack up for me (and others) a few boxes need to be ticked. I wont repeat them.

Some of the loudest negative comments are displaying very shallow thinking. But hey, your company, vote as u see fit. I don't get to vote so I have zero influence but with dollars available to come in, I need to see a strategy I agree with before I let those potential dollars be spent. The way I see it, regardless of history, those who think it a good investment will be the ones who substantially fund the next leg, whether they are current holders or not. Ideally, I'd hope some of you realise the quality of the geo team and give them sufficient funds to get the job done. It would be a shame to miss out if they hit the motherload. They finally have something that looks geologically very attractive.

I appreciate that with hard dollars already invested it is difficult to not watch the pips but IMO some of you need to look beyond the pips to a strategy that will allow the company to succeed. That way you might actually have the investment win we all pursue in theory. Years ago I was in a junior that had to do a large CR to fund a mine build. I still remember one of the shareholders saying, 'I'd rather 70% of something than 100% of nothing' and without fresh capital that is the risk you run.

PS He got that 70% on the shares he retained.