Ann. is out, page-5

Slanyah no one was predicting the recent dramatic falls in the iron ore price when WDR decided to start mining over a year ago. The company's fate was sealed when this decision was taken because not withstanding the complete stuff-ups which subsequently took place, they would have been unable to survive in the current price environment. There were warning signs which I and others tried to communicate in this forum. I sold most of my holdings over the last few months and have not suffered significant losses as others have. I was involved with this project during its early days and was always of the opinion that it should be possible to earn a quid by mining the high grade ore. The BFO was always going to be difficult due to the presence of siderite which the company kept quiet about. It is unfortunate that many people in the area had great hopes for this venture which have now turned to dust.