Ann: Quarterly Activities and Cashflow Report, page-3

Personally, I remain hugely sceptical with regard to the Hogwash project or whatever it is called. To me, it sounds like a stinker of a prospect, with the interest shown by Rex as just a way to get some more tests and consultancy work done at Rex's expense as opposed to anything else. If Rex had shown better form of late, I would be much more charitable in my armchair assessment!

Rex have a project that they have dragged their feet over and, as if it could ever be possible, actually managed to move slower than government, and if that wasn't enough, also spent more than even a wasteful public department could on getting to this stage - and where we are now remains still in the middle of nowhere, but at least with the hope of finally something getting done and signed off.

There may be some value in Nevada, if all the costings were done with 350 dollars per oz, but who would be assanine enough to do that, or sell something and still use those figures in 2013 when Rex acquired it? Something does not sound right at all about this; Americans are usually pretty smart and generally have the commercial awareness not to sell assets for cents on the dollar.

Boy would I love to be proved wrong, but management have already shown their colours, so I hold little hope of anything of any real worth being available. How about Rex just get this Australian project done and then move on to the Hogwash story after that??

So, I have little true interest in Nevada and just hope that the flagship project is dealt with through to completion and delivered. Fingers crossed!