Ann: Potential For Phosphate Mineralisation at Frewena, page-77

I disagree with much of this.

I understand the frustrations, not immune to it myself and I’m only a couple of years in. However there has not been any inherent wrong with either the geological modelling on blind targets nor on the budgeting for costs.

Jonathan has many times talked in here about specific costs of diamond drilling. It’s not a surprise what we’ve spent and it was supported by most in here when it was happening. Further management never suggested that we’d be hitting the jackpot first up or even in the first few holes.

We have spent a lot of money but that money has generally been spent judiciously with sound method behind it. Certainly much more reputably than many of the sharks in this game.

What has not happened for us, yet, is the necessary element of luck that lies underneath all exploration, especially blind.

I have called for some wild cat drilling at our targets with visible mineralisation and I still stand by that. However the program of priorities had it a bit behind. Should it have been different? Arguably but the program followed was still a rational course of management action, building on govt funded work, with the scale of funds we had.

RB has already fallen on his sword, the banner of control has shifted but you know what, it may still make no difference whatsoever because we still may not have the luck to find anything valuable on any of our tenements. That is the game we play, ICG play it honestly, it’s up to the individual to take, and hold, the risk they can afford.