Ann: Quarterly Activities Report and Appendix 5B, page-36

IMO the failed sale of the Balkans was a massive kick in the nuts, but really was out of managements control. They probably got the best deal they could in the difficult (commodity) market conditions. If they had waited for something else to come along, it would've cost a ~$2million / year, which is better spent on the new acquisitions... I do feel management should not have announced the sale until it was secured. That was a bad decision! Togo, again, imo out of managements control. They did everything they were asked of. Put together a world class consortium and submitted their tender... what else could they have done? Very disappointing outcome, but who knows what could happen after the elections in early March. With regards to a miracle investor, maybe once we know exactly how much 'quality' coal we have, one will come along... we can only hope! I'm down a sh#$ load and would like to regain some of it back... Trying to stay as positive as I can at least until end of Q1 when we "should" have a much better indication of what we actually have.