Ann: Retail Information Booklet, page-5

I have given some thought to the various reasons sellers may have driven the stock price down to 5.7c / 5.8c.

I will attempt to avoid triggering the particular posters here that seem to think they can "look under the bonnet" of my holdings. Suffice to say, this morning, based on my own private circumstances, I have concluded that I will take up 100% of entitlements and throw my hat in for a significant additional allotment, expecting a retail shortfall.

Anyone is free to read whatever they wish from this disclosure. Yes, I bought stock all the way down from the mid 30's after the last CR. My trading methodology has helped limit the damage from moving early, becuase I am fully aware my always buy too early, just as I always sell too early on parabolic rises.

Nevertheless, despite being in the red by a large percentage, I am very, very bullish at 6c, with my exit strategy already set once I should the stock reach my break even point. That will replenish for cash position for the next corporate disaster or deeply discounted CR, both of which are very likely, over the next 6 months.

If JRV fails to bounce from here, I will be disappointed but certainly not distressed. A lot of years doing this as well as a lot of grey hair has provides me with many parachutes and a soft landing.

The ball is in the hands of management to re-align their ambitious growth plans to the resources of the business and the varaibility of commodity prices. Call me optimistic, but I think they have been totally pantsed over the last 9 months and will manage the company much better in the next year or 2. I want to be there for most of that recovery, though I will most certainly be lightening my holdings after each of my price targets is hit.

Failing to apply my own profit taking strategy after the share price bounce from low to mid 30's was the mistake I most regret. Totally my fault. The declining cobalt and SP were not so much in my control, so I accept them as part of playing the game.

GLTASH