Ann: Presentation, page-82

Hi Wales1

I believe Robert Kennedy said they stopped drilling and trying to prove up more iron ore as they had enough to substantiate a mine. He and the then board believed that money was better spent on doing what was necessary to get the approvals etc in place to get the mine going

Also if you take OCJ out of the equation as they might want to do a joint venture with BBI, both them and Todd would only have to take out 22% of the company or roughly 770 million shares. 770 million shares at a 30c offer to the other minority shareholders would be about $231 million dollars minus any tax benefit they would both get. Some minority shareholders would take it, some might sell a portion of their shares and some would want to stay for production. If I was OCJ, or any other company that had spare cash and was in this for the long haul. I would be snapping up shares at these prices left right and centre.

Regards

Geoff