Ann: Exploration and Company Strategy Update, page-19

Grubarura.

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	Column 1
0	"… the Board has recently refined its strategy to consider new and additional projects with commodities such as vanadium, cobalt, nickel and phosphate."

To me this has nothing to do with the possible pending agreement with S32.
This is additional ground that they are looking at acquiring to explore for these above mentioned minerals.

There may be an amount that is paid to ICG by S32 to cover past expenditure on exploration that we have spent to get us to where we are now. Rightfully S32 should have to contribute, but, we have not seen the detail of  that as yet, if in fact it will happen. I cannot see that that amount would be more than maybe $10 million which, as we know, won't get us very far in exploring new unexplored tenements.

The money for exploration, to which you refer, is towards existing ground that the agreement will cover and will not be Inca's to do with as we wish. Therefore, there will need to be additional money raised to explore any addition areas acquired for vanadium, cobalt nickel and phosphate exploration.

Also, I think, without rereading the announcement, which I don't want to do as I get very annoyed when I think about todays announcement, that the words of "sovereign risk" were uttered. To me, that indicates that the subject ground maybe back in Oz. Not that Oz is not rapidly becoming a high sovereign risk country with it's hung parliament and the socialists lapping at the door.

Today's announcement was very badly timed I feel, as we have a stock market reeling from the government's inept attempt at retaining it's majority and we are in a stock that is shot to pieces from previous inept moves by management regarding protecting it's sp. To hint at raising money, at this fragile moment is close to scandalous.

Minimum moves in the share price now are 25% either way, a traders dream.

This may be a good move if the market can see the details of any deal with S32 but not until then surely.
I think this is a case of enthusiasm getting in the way of good timing.

Lockitt