Ann: June Quarter Activities Report and Appendix 5B, page-68

I would much rather see us spending the cash on proven up this very high grade and very large deposit whilst looking at setting up cheaper long term logistical avenues, pretty much seems to be what we are in the process of doing. If we can get our distribution costs as low as possible along with increasingly larger volume we become a consistent and long term player in the IO space. We can then ride out the wild IO price fluctuations. To be looking at diversifying into other projects or commodities just because the IO price is sliding just costs more money and takes too much focus away from what we already have and what we are doing well. Fine tune what we already have IMO is what we should and are doing, on the road to becoming a significant long term player and a serious cash cow.