Ann: September Quarterly Activities and Cash Flow Report, page-44

Every time there is a delay, I look at the situation that surrounds it and try to evaluate whether there is reason to bring management's judgment, objectivirty,  or intentions into question.

Just my opinion, of course, but with CLQ, the delays have been pretty understandable and well within reasonable limits, given  the

nature of the delays, the exceptions, and the degree of variance. 

Right now I think that the inter-relation of take-offs, financing, and equity participation make an extremely difficult situation that must be handled very cautiously and delays in announcements are not surprising. CLQ is not trying for straight-vanilla takeoffs or just floating stock to raise capital. The counterparties and dollar amounts are large, the other side are tough negotiators also.

Having said this, I will take a more concerned attitude if no take-offs are concluded by end of January. The guidance was for 4th quarter, and I would allow another 30 days without begrudging them. Likewise, if construction timetable and groundbreaking  remain within a few months of guidance, I will not be terribly concerned. To be fair about it, there have been two 90 day "slips" in the timetable.

Given the complexity of the project, I feel these are tolaerable and do not reflect badly on management. There are a lot of factors not under their control.

I agree these delays can be counted against them, but overall management has delivered on key elements within their control and has steadily increased the potential and capabilities of the company. For example:

The mineral and price estimates, and the operational C1 estimates,  have been conservative and preserved for the most part...even understated.

The JV with Ionic Industries, only mildly hinted at because it was so uncertain, were fulfilled in spades.

The action on the ground is positive and shows full commitment. So while the paper schedule delays are irritating, on the ground one can see things are happening. Management is fully committed.

Huge and complex alliances have been added to and show that management is not taking long lunch hours and afternoon naps. These guys work hard, don't say very much, and come up with the big deals.

They still get high marks in my book.