Ann: General Update , page-2

Well, it seems a few did not like the update including Springtree. Things moving slower than anticipated with dso drilling still at least a month away and thus results probably closer to June. A few orders for 100k and 200k were pulled in the low 5c and high 4.9c area and now sell depth building into the 5c levels. Springtree are not an investment firm and they understand that holding shares because they may be able to sell a lot higher a lot later down the track comes with significant risk. The fwl true believers are probably fully invested so without some form of news in the near term I would expect the share price to head to at least 5c. Springtree still make a 25% profit at 5c and I'm sure they will be happy with that. I estimate they still have close to 3M shares left. I'm not that sure that all of today's selling was from Springtree but the sell depth at current levels have Springtree written all over it! $150K of cheap 4c shares can do a lot of damage to a tightly held company like fwl. A excellent medium term buy at 5c!