Ann: Sipa Reaches Agreement to Divest Thaduna, page-33

G'day Nijiman.

Of all the posters on HC, I place you in the top 5 that I take notice of so, I do respect your opinion on this subject.

However, it is the huge feeling of lost opportunity that sticks in my craw. When money was easy to raise Sipa sat on it's hands being " iterative" instead of getting on with it. By the time that they got going the easy money had evaporated.

Lynda would have been selected by Mike in his own mould.

I was told at the meeting that she would contact me when she returned from The UK. That has not happened. I said that I was in Brisbane and they said that that would not be a worry. We have had no update on the UK trip even though it caused her to miss the first AGM since her appointment to the top job. This is one of Sipa's great failings, as you mention yourself, that they just let things fade away without explanation. I can only assume that they feel that it was an unsuccessful exercise going there.

I know what the market is like but, none of my other holdings held my faith as much as Sipa. I have much larger holdings in other spec miners and explorers and a few around the same size as Sipa. I do not expect much from most of these others any time soon, with one exception.

I will continue to feel this way even if fortunes turn around for Sipa in Uganda. It is just a strong feeling of what may have been if only we hadn't wasted our chances. There is no way known that a better deal than $2m could not have been struck for such a large tenement area in such a sought after area. The one percent royalty is probably not likely to happen anytime in my lifetime, just look how long we have waited for a royalty from Northern Star.

The board needs renewing with the exception of Paul, who is younger and not set in the Mike ways, and Lynda, who, as you say, has not been there long and will most likely prove good in the job long term. She just needs to forget everything Mike told her regarding running Sipa, and, start informing shareholders on a regular basis. I believe Lynda is a very good geo, from speaking to other people in the industry while I was in Perth but, this is now a much bigger job than kicking rocks and only time will tell how it goes for her.

Happy New Year to you Nijiman and all other Sipa holders.

Lockitt