Ann: Lumwana West Project - Moratorium Announced, page-9

I can totally understand both the pressure and tendency to sell out when a company has been on a long journey and then face a scenario that can only be described as frustratingly disappointing at best, and that was a very fitting description of what has happened with ARE, not just with Zambia but also with Torrens and Murdie projects and one could not be blamed to think Orpheus was waiting to face the same outcome for *us*, current ARE shareholders ...

BUT, I think with some action, and it is only through action, we can turn this around, not only for ARE holders but to support the essence of "public investment" principles and this (ASX) as a platform for the companies to do the right thing and contribute to economic prosperity, for themselves and the general economy (country I would like to think).

In my loooong time in this game, there have been times (many times) when I decided to throw the towel in with my investment in a company and sell out when things were looking like a cliff fall, but through time I have learnt more and more that is not the best strategy. Yes there have been times that hanging in and trying to weather the rough time did not pay and the company went down but there have been more times that the company got through and recovered and with it my investment. All in all, perseverance has paid more than dropping the ball. I think you have heard the saying, "When the going gets tough, the tough get going."

An added element as I have "grown" in this trading game has been the fact that when a company is not doing well and I walk out, I have done the exact same thing that has given cause and reason for lousy directors to survive and keep going with their complacency while continuing to fetch salaries as they know departure of a discontent shareholder gives way to someone more trusting of them.

While the action group we are building up is about to finalise its submission to the board, I would like to think that had it not been for the protest, not just expression of discontent here on HC but actions including communications sent to the company and related parties that has perhaps, only perhaps put pressure on the company to take an action that has lead to this outcome in Zambia. Hopefully our action will materialise in a force that cannot be ignored and will continue to keep the board on its toes.