Ann: Exploration Update - Cuddingwarra and Lefroy, page-3

re: Ann: Exploration Update - Cuddingwarra an... It's pretty quiet in here!

The results at Cuddy are very encouraging. Further confidence required but it could shape up to be a fairly significant open-pit resource. I wouldn't be surprised if the next 6 months focus on resource development as there's going to be a significant commercial advantage in having more accessible ore sources (i.e. from nearer surface) early on in the project life. i.e. we'd all like to see production ASAP but it needs to be carefully planned and executed if long term value is the goal.

Re the nickel drilling I need to know more about how they intend to mine any find. These guys so far have a pretty darn good track record at finding minerals and the language they're using with respect to Lake Lefroy is quite positive. Who has the low down on mining lakes/under lakes?

JT