black hole!, page-10

Well the last quarterly said they have 1.79 mill at the end of Sep.. So regardless of the SP, they will have enough cash to pay the bills until end 2014 assuming no drilling is done.

For me the only catalyst I see in the short term is the appoinment of the new CEO and with it the platform for him or her to clearly articulate the medium term objectives. This should include an updated scoping study based on a smaller exploration target and revised forward price estimates for potash.

I hold 65,000 shares at a cost base of $0.45 and seeing it inch closer to 5 cents has essentially resulted in me writing this off. However if I am willing to take a 5 year view, I think a favourable MLP, stabilisation in the potash market, refocus on the food scarcity issue, M&A in small cap resources world, focus away from bulk commodities towards soft commodities and a better top heavy register should significantly help the SP.

I do think management are feeling the pain too as most of their upside is tied to oppies with much higher exercise prices.

For now I will hold and give the new CEO a chance. We all know fortunes can change very quickly with this one.

Exdiv.