Ann: TOV: ABM Resources NL 01R Panel Receives Review Application,TOV-ABU.AX, page-8

Do agree with you Pound. I still think that if we require funds not all should be spent on exploration. There are 7 individual reefs in close proximity to each other at Old Pirate. If an underground operation was approved then this would be a licence to print money. Up front finance would be minimal if tenders were put out to engage a contract mining company. ( EG Barminco, Byrnecut, ACM Ect. ) Money should be spent upgrading the onsite gravity plant as the company would be foolish to carry on with Coyote. Why cart dirt 70 kms for the sake of an extra 1.5 grams. The tonnage mined would easily be handled onsite & we would be back in the high grade, low cost production mode. From there our operating costs would be minimal. Personally i have always prefered an owner operator scenario, but these companies have the equipment, personnel, & professionalism to quickly develop an underground mining operationat no upfront costs to us. . One of the items that arose at the AGM was that the orebodies being so narrow airleg miners would have to be employed at great expense to mine the ore. In some areas this might be true, but the bulk of the ore would & could be extracted by long hole stope mining. With this method the most important thing is to keep the hanging wall intact to prevent wall failure with resulting dilution. Good operators can do this. Why i am keen on this is because it gives the company a continuous cash flow to expand the exploration program & to plan strategies for the future. A 12 or 24 month contract would result in a mature mining operation with many ounces being produced. The returns will not be as great as an owner operator mine would be, as the contractor would want their slice of the pie, but we will have a high grade mining operation for minimal cost.