Ann: Marketing and Product Quality Update , page-6

I'd really like to know what your targets are based on. I suppose it's rather a gut feeling than a calculation.

You have to consider the fact that any cornerstone investor must get something in return for his money. He will demand to own a chunk of the company, receive interest payments, or establish a nice discount for the product. In the end shareholders will own a smaller part of a bigger (or less profitable) company and where this takes the share price remains to be seen.

Further, I deem the 20M capex plan and schedule extremely aggressive and prone to yet another disappointment, very comparable to the one that we have experienced just recently. 6 months to production (last summer's prediction) turned into 10 which triggered an unplanned cash raising and made the share price collapse almost 40%. I'd very much prefer a detailed, transparent and realistic plan that the company can stick with and deliver in accordance with.

If you compare the 20M figure to numbers other companies have published you'll find that just for example Woulfe Mining plans to expend $151M, Ormonde $49M and Wolf GBP 104M for their respective tungsten plants. That does raise my eyebrow, how about yours? I realize some of these plants include flotation circuits and much bigger mills but that still doesn't fully explain the huge difference.

I'm sure management will provide us with more information in due course. But expectations like the ones you have expressed are unwarranted as of now IMO, to say the least.

Good luck to all and may your targets turn into reality!