ASX Today, page-658

Hi Tünnes,
I believe this is a high risk, high reward play. Was happy enough to roll the dice here given the rewards I have been gifted by management so far at LTR. I didn't make that decision as flippantly as it probably sounds. I'd rather roll the dice with a proven and trusted team. DR genuinely believes the area is highly prospective and where else would you rather have your money at this stage of exploration.

Added to my holding around same time TG did recently as I thought we had fallen too far. The inability to access the tenements during the growing and cropping season has meant a long time between news and some investors grew impatient. It has been no surprise to see our price start to correct north again given drilling has recommenced and DR seems very confident. The next 5-6 months will be nail biting looking out for the morning trading halt and a heading with the word "Exeptional" somewhere in it.

Investment in LTR has been a long road for me. It was more an investment in TG than anything else. I first bought LTR at 32 cents in 2008 and chased it all the way down to 1c. I am taking the same approach here. I trust that if for whatever reason this project doesn't work out, they will deliver somewhere else. These guys know how to find good projects and they are careful with shareholder money. It only takes one successful project to be life changing as we have already experienced.

I stlil think we represent good value at this price considering the size of our land holding and early results have backed up the team's interpretion of the prospectivity of the region. I do believe there will be more "Julimar-like" discoveries in the region and hoping we will be the next to discover although, I do take on board comments that a copper/ gold discovery maybe quicker and easier to come to market.

With only 220,000,000 shares on issue, plus less than 10 million options, this could fly on any discovery over the next 6 months.

DR in Melbourne end of next week for the RRS Summer Series. I can't make it due to work commitments but I still hope to meet up with DR the night before the conference and very much looking forward to that. Will report back any relevant information afterwards.

Lastly, commiserations to all of Germany for the World Cup result last night. Germany v Spain on Monday morning our time will be huge. Good luck!

G