Ann: Expiry of Unlisted Options , page-10

Joe, nothing personal. But you have just given me a list of all the reasons you shouldn't hold the stock. The picture you paint is of a bunch of monkeys incapable of doing anything right. I believe otherwise which is why I own the stock.

I have been in the mining industry most of my working life. I have worked in third world countries where the culture of work is different to the western way of things. Things take longer. It's a simple fact.

The fact that you are $150,000 underwater is irrelevant. The way you talk about NSL you would think that any other share in the market would be better than NSL.

Investing 101. You invest in a company for a bunch of reasons (one of which always has to be capable management). The moment you feel that the company you have invested in has materially moved away from the company you thought you were investing in - move on. Just sitting there hoping won't bring your $150k back.

End of lecture, and I won't be responding to you again irrespective of how good or bad your reply is (and I know there will be a reply).

Cheers