re: Ann: MAK - Minemakers Limited - Panel Acc... Hi nobullYes...

re: Ann: MAK - Minemakers Limited - Panel Acc... Hi nobull

Yes progress is far from the right word for Mehdiabad! Unfortunately Jordinson has shown no progress there however that matches his predecessors Reid and Murdoch, both with extensive mid east experience. We're stuck with that position of no 'progress' until regime change finally comes. I agree when it comes it happens fast and I do also think it is inevitable. The population explosion they encouraged after the Revolution followed by good middle class education ensures there is a massive bubble that will eventually demand and receive change for the better. Is there sufficient weakness in the mullah/military coalition to make it possible soon though?

Re the write off of exploration expenses at Mehdiabad. Personally I see it as just standard mark to market accounting - the market currently values the asset at nearly nil thus it gets written down. When the asset recovers value, in the market's eyes, it will be written back up again.

There is no real effect on any of our prospects though. The fact is that the market puts no value whatsoever on Mehdiabad, write offs or not. Consequently we could not hope to swing a deal with MAK that tries to value it at $18 million - it just would not be accepted by the market. Even the current deal which attributes some small value to Mehdiabad, based on the Thornton valuation, is struggling for traction.