Ann: Lake Goongarrie Drilling Results and Corporate Update, page-44

Well today's announcement came as a bit of a shock and disappointment, so no point sugar coating it.

I'm still holding but it has been a painful ride down in the elevator!

Definitely been a frustrating, tiring process to get to this point.
There's no question drilling on the lake has been a challenging, costly and delayed program through numerous factors that don't really require mentioning all over again.
If it wasn't so bloody tough it would have been done already!

I still believe that there is something significant still lurking beneath the salt pan of Lake Goongarrie, as that gold has to have originated from somewhere nearby.
However, it just may take someone with a bit more time, money, perseverance and patience to uncover it.
Kanowna Belle was no different, it's just unfortunately we seem to have been plagued by logistical, challenges and delays not withstanding climatic challenges, market challenges etc.

As for Ed and all the comments I've read, personally I feel he may be made out to be the scapegoat and sacrificial lamb, along with who to assign all the blame to.
I think that's totally unfair with some of the comments I've read today.

Sure we're all peed off, disappointed and frustrated.
I'm down over 6 figures here so I feel the pain here more than others and it is bloody painful!!

We all want to blame someone in cases like this but I think you overlook the fact he happens to be the CEO of the company and not the board, not even a director.

He answers to the board and is accountable to them but he doesn't make the final decisions on how and where the money is spent.
Sure he can offer opinions and recommendations based on his geological experience, along with our consultant geo which whom the project was named after.
But, ultimately the board run the company, make the decisions and allocate where money is expended on projects.

Ed may have resigned, or may have been pushed which is most likely, but we'll never probably know.

I asked around and spoke with 2 geos whose opinion I regard highly and they had nothing but praise that Ed was honest, humble and not likely to over state or embellish the story.
On that and other geological evidence I decided to invest quite heavily.

It's a gamble, had it paid off Ed would be the Messiah, yet the board would likely claim credit.
Now that it hasn't he's a pariah and most want to kick him in the guts!

A lot of this seems misdirected to me as the board make the decisions not one individual which is why we have boards and not companies run by Putins!!

Moving on from that, the BOARD needs to come forth with a credible plan to shareholders and the market in general on where the focus is now and I don't mean just Menzies as announced today, but also if Goongarrie is abandoned, the highway ultramafic is put on the back burner or not etc.

We need some direction, that extends more than today's announcement so yes I do urge you to email the company and ask the hard questions on how we move forward.

Cheers