Ann: RIU Resources Round-up Conference Presentation, page-15

thanks for the article - I certainly have seen most of what they say over the years.


So far - I have seen nothing to be concerned about with BRB - have met Tom several times and also Michelle and spoken with several field staff.

As far as insider trading goes --- there's two points

1. Security ----------- all over red rover -- Michelle could be a nun as far as I am concerned - the office is that tight - and Tom puts out as much information as a 286 unless asked - then, you get what you asked -- IF it's ok to give freely and zip else.
Perdant and I have often spoken of kidnapping either of them - getting them pissed or almost unconscious somehow and wringing something out of them - it's that way

2. As to coming information on capital raisings - well, one didn't have to be Einstein to work out when where and have a good guess at how much for Breaker - almost ever.
Tom doesn't like coming down to the last bucks - he likes the power in his hands. Sometimes you can see him trying to strategically place the company at the right spot in the field -- I said to Purdie that he was getting ready - ? last ann. or the one before - only about a week to 2 ago -- and, one didn't have to be that smart to work it out - look at the kitty - know how Tom thinks and see what we have got and what we can release before the JORC and PFS -- it's not that difficult.

As far as CR compared to SPP goes -- if it were me - for these amounts -? 5 to 10 million - I would now be going for CR - -no fuss, all over quick - and no pissing about with shareholders - all of which you love - but, they do play funny buggers - they WILL sell off what they have got and drop the SP as long as they know they can participate in an SPP - and, it costs you much more in dollars, time and effort.

Different story when we go for a big one for mining development work - I would hope AND expect the company to let us in - to me - that's a given.

Longer term wise from the past --- perhaps Tom thought that he might get away with no raise like this - IMO - we are really only going to be maybe 5 maybe 7 million short of a rerate ---- 10 will see it home at a guess -
but, a delay of a few months can change the game --

gees, am I worried because the hole got bigger?????? --- arrrh, no

talk of sugar hits????? - hmmmm - look at the dimensions -- look at the maps - Tura extension alone going into the JORC/PFS will pay for any extra dilution at a guess - and, that's just one lode

all of that is probably going to be included in the JORC and we shall see about the PFS -------- to me - I think it's right and proper to go as far as they have done -

it can be as much art as science - but, look at the scale of this thing we have got -------------- see many more around like it?

I would back in a raise between 5 million and 10 million - probably closer and more prudently to the latter - at somewhere between 29 and 33

I doubt if anyone else could have done better.