Ann: Placement of Shortfall Shares, page-2

I was a little "disappointed" when I missed out on the shortfall this year, noting i was allocated an extra amount in the 16c raise last year. However the "pain" of that disappointment has been eased after seeing the short fall price was upped to 70c. I don't think I've seen that before and reinforces the fact that Denis Wood has skin in the game & is focused on share holder interests. At a time where there are a lot of explorers run (or marketed) by dodgy interests, it is very refreshing to see the integrity on show here. We talk about the booming Cu price, but integrity & a rock solid Mgmt team as just as valuable to our future prospects. I'm also sure that will make it a whole lot easier for the finance to be sorted & on favorable terms.

I'm very comfortable that Cu is headed higher in the ST & LT. The FS is a given now, in some form. The only ST risk I can see is what they find with the upcoming exploratory drilling - that could add (or subtract) 20% to the equation in the ST. A couple of 20m intersections @ 3-4% would be a nice bonus.