Ann: Corporate Presentation , page-20

It's a fair argument about the options, but some may not be aware why these were issued and who holds them.

Here is that info.

32,706,750 - Expiring June 2013
Shareholders who subcribed to the capital raising in May (89% take-up).

50,000,000 - Expiring April 2014
Macquarie and Sentient.
4 Year term from acceptance of funding.

25,000,000 - Expiring July 2014
Macquarie and Sentient
4 Year term from first drawndown of funding.

38,500,000 - Expiring July 2015
Macquarie and Sentient 25m.
4 Year term from first chromite production
Directors also hold 13.5m.

5,500,000 - Expiring Mach 2016
Directors and Staff

Macquarie and Sentient organised the funding at Libor + 7%. They were also granted options, which is normal for any arrangement like this. Like goldy said, we've kept the whole project without farming it out. I've given examples in previous posts of the winners these two insto's have backed together and if you look deep into the mineral companies that Sentient own throughout the world, but specifically in the U.S. you will understand that these boys are really first class, especially in their home turf.

As for our project, it needs a little time, but as soon as Phil Garratt notifies the market that bulk shipments have begun, you'll know its only a matter of time.

Pep