Ann: Quarterly Activities Report , page-8

No point selling significant gold targets, best to have something more material to market and sell, that is why they should drill first.

Agree on the phosphate, this is not what I am investing in Mantle for. It would be a bonus if they do turn up a mineable resource.

As the primary reason for the appointment of Ian Kraemer to MD was for CSM at Mt Mulligan, no doubt he is busting his gut to get it ready for drilling.

"Ians first order of business is to accelerate finalisation of an Access Agreement regarding Mt Mulligan by June 2008. Thereafter, completion of a formal JORC Resource estimate for Mt Mulligan is targeted for December allowing for finalisation of a Pre-Feasibility Study for initial development at Mt Mulligan by end June 2009."

http://www.mantlemining.com/files/announcements/560790.pdf

As you can see it is already overdue, most do not have the patience to see it through hence there is no premium on the SP for this project at, in fact the SP is running at a discount to the book value.

If Mantle finally gets onto Mt Mulligan there will be no difficultly in options being converted or capital raising at a much higher SP.