Ann: Shareholder Update-Newcastle Iron Recovery Project, page-19

Hi T J

It is funny how many folks will express their displeasure about certain events but none are game enough to go to the seat of the problem which in this particular case is the management.

Have been to many meetings after such grumblings by shareholders but when it comes to the nitty gritty no one says a thing and everything carries on as before.

Think instead of your many post mortems on the subject you should arrange a meeting with M T and N G and speak your peace, I am sure you will get a good hearing and also find that they are two nice guys who share your concern.