Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-25

Look your a good bloke and I've read your post many times and I've tried to give you the benefit of the doubt but your understanding of building a brine JoRc here is poor sorry .......

A) the composition of the drill hole has no real bearing on the JoRc 50cm away is meaningless .

B) Leap frog modelling down well perforated in to each horizon accurately plots the horizon void JA would know this and if he's choosing not to reenter he things he already has this modelling this is why he can publish a JoRc estimate of the sizes he has .

C) ASX does not believe that this modelling abides by the JoRc conventions if they did they would have allowed ASN to have a sizeable JoRc 6 years ago .

D) JoRc code allows kms and AOI

E) I'm not sure how you think establishing a resource is not critical?

F) the breakdown of the brine is important for a resource and for plant economics FYI Mandrake have none and have sample NO brine as of yet and don't have an accurate brine measurement that is economical enough to establish a JoRc resource worth publishing.

G) I find it interesting that the tech companies are interested ( at their cost mind you ) in pursuing this with out actually sampling the aquifer brine ? I feel there is an assumption made here by both MAN and them that because the Paradox Basin is known to be interconnected that what has occurred at ASN will also occur at MAN but this would be an incorrect assumption as although ASN has 2 projects the brine TDS from one to the other different dramatically.

H) Your next point doesn't define Measured Indicated and Inferred resources so 0.5M dispersed into 50 years is incorrect .

I) Drilling is necessary now the punters here and JA himself have stated they need that JoRc and the SP won't move with out it .

J) production wells for MAN I'm sorry to say is a decade away if it ever gets up and I think JA knows this also .

K) I repeat the SP will go no where with out that JoRc some here thought that an estimate would do the same maybe a few years ago but not in this depressed macro economy , there's even the possibility that even a legitimate JoRc might not move the SP either .

I'm not great on forecasts others here like them far more than me I'll leave it up to them .

So to conclude - NO drilling NO JoRc - NO JoRc NO MC gain - it's as simple as that .

GLTAH TT