Ann: IMX signs Heads of Agreement to sell Mt Wood, page-23

re: Ann: IXR: IMX signs Heads of Agreement to... Pilatus,

You are correct, Avebuey was a t/o initiated by ZFX. Avebury came after Wolfden - both poor t/o's and a waste of shareholder funds. OZL does not want to repeat the same error, hence the caution. For OZL to "do something" could be the worst thing for it to do.

nicholas123,

Based on my understanding there is currently a 2 to 3 year time gap between the current P Hill mine life and C starting.
OZL is doing some drilling under the main pit, with the aim of firming up a resource to indicated for an u/g mine under the pit that will extend mine life for up to 3 years.

I would have to disagree with Another deposit that needs major developement is useless. OZL could do a t/o or JV with RXM, develop Hillside and have it producing tonnes just as the open pit at P Hill reaches the end of it's life. The t/o and mine development would use the cash on the bal sheet, but P Hill sales would restore the cash and allow cash for C development to begin. The beauty of this plan is that No banks have been part of the making of this mine.

HT1