burnakura sold, page-12

Hi Bargold,

I have no issue with your decision, we all make evaluations about our investments periodically.

I was disagreeing with the suggestion that TTR had been trying to sell Burnakura for twelve months. As you pointed out, they announced the intention to sell about twelve months ago, but your excerpt omitted their intention to finish processing ores over a coming five month period (which ended up close to seven months).

The full text from Oct 2006 is below.

"The Company and its joint venture partner Burnakura Pty Ltd, (a subsidiary of Extract Resources Limited) have resolved to close the mining operation at Burnakura with the ultimate view of disposing of this asset. This will result in the joint venturers mining 44,000 tonnes @ 8.2g/t and treating 60,000 tonnes @ 7.1g/t of ore over the next 5 months. The Company anticipates achieving a strong positive cash flow from these operations, given that there will be no further mine development activities".

Maybe just a small point, but it seemed to me that this particular reason for kicking management was a bit off. (There are other reasons to kick them of course).

cheers & good luck - think I'll need it as I continue to hold.