Hi Raff,I have not got a clue and I doubt Niftiest knows either....

Hi Raff,

I have not got a clue and I doubt Niftiest knows either. The fact is, these new guys have a monumental job ahead of them just to get a handle on where the project is financially and what it will take to get the project back on line. It was good to see that they are going to enlist the help of Andrew Goode as from my brief discussions with him in the past he appears to be a straight shooter. When it comes to managing a mining operation I have no doubt he has the goods if given the opportunity to do so.

IMO the project is in debt to the tune of 30 to 32 million AUS$ in total at this time. Almost half of that owing the Coris Bank. The balance would consist of other bank loans, personal loans, unpaid creditors and contractors, wages etc. As Alex has mentioned he has not drawn a salary for some 18 months now. That alone would be about $390,000.00 owing. Money has to be raised to have the Financials properly audited for presentation before the ASX will relist.

On the positive side, it appears only another 12 to 13 million AUS$ is need to complete the update to our processing plant to get it operational. I have been told this could take 6 to 7 months.

Just how they are going to solve the present situation I have no idea. I just know the solution if they can find one is already 18 months overdue and getting more dire as each day passes. One creditor actually took the opportunity to ask a question at the GM as to when they are likely to get paid for equipment and services they have provided in the past. They, who ever they are I believe would be one of many at this time. With our mining licenses under threat we need a solution and we need it now. Time is definitely running out.

The upside as I see it, I cannot see 3 professional men offering themselves up for the Board positions as they have, without actually knowing to a large extent what they were actually signing themselves up for. Let alone not having some idea as how they were going to solve the problems. However, I have been wrong before.

I am hoping some refinancing deal is involved possibly with the AFC or maybe someone knows somebody associated with the one of Australian industry based super funds. They have trillions and invest everywhere. What would be 35 mill to them if the return was right. I just hope that if there is any further dilution to occur that Bassari shareholders are not the only ones to feel the effect of it. How much is this 63% actually going to cost us in the end?

I for one wish the new Board all the luck in the world. God knows they are probably going to need it.