Ann: Potential For Phosphate Mineralisation at Frewena, page-78

Seals.

An excellent post, however your conclusion - "However there has not been any inherent wrong with either the geological modelling on blind targets nor on the budgeting for costs."- is way off the mark.

Ross was way off on costs when he worked out our drilling budgets going forward which led holders to believe that we had the funds for a much larger drilling program.

This has now led to a massive letdown in the mentality of, especially the long term holders, who have been subjected many times to his ad hock method of cost calculations over many years in Peru.

Lockitt