Ann: New Porphyry and IOCG-focussed Projects in Australia, page-55

FP.

It has been disappointing to us all regarding the sp however when we look back over the years we have been hamstrung by a lack of funds since Chanape.
I remember when you were making your predictions of 30c and the flack you often copped, I was not one who was throwing criticism at you and, in fact, I agreed with you.
At that time we had Chanape and we were believers that that would pay big time. The fact that we did find a porphyry, extremely hard to do, but that it was not at this point in time of enough economic value, is unfortunate.

I feel that now we have ground that is going to come up with the goods.

I don't know the background of other holders, as to whether or not they have owned their own business now or in the past, but I have and I can tell everyone that "cash is king" and if you do not have it, and can not raise it, then to put it bluntly there is little you can do in the way of going forward.

Several on HC have been critical that we have not drilled any holes lately however, it is not just a matter of turning the area into Swiss cheese. The cost of these drillings would have killed the company and the chances of coming up with anything without proper planning are very low.

LTH know how difficult it is to get permits and the fact that when we do get them they are not transferable to another spot that we may come to believe is more prospective.

The whole process in very frustrating but is the process that must be followed.

With the assistance of S32 we now have access to the necessary money to get on with it all.

FP, good luck to us all, we all go through these periods of doubt about our prospects, but I am more confident now than at any time in the past.

Lockitt