cash and management, page-2

Hi Towball

Cash burn for last quarter was $417k and for the year $2.6m. As of 30/6/2008 they had $3.7 cash, so I would imagine that at the current rate they are well funded for the better part of 2009.

As for management, I was pleased to see Bill Hewitt set aside his time as a speaker at this year's Aust-Asia Mining Conference.

I'm also very pleased that management has recognised the importance of delivering sustainable value to shareholders as early as possible. This is reflected by the fact that they have recently increased the allocation of funds to enable the fast tracking of exploration at the Barr Creek and Marqua phosphate projects. It's equally great to see that they have scaled down exploration of their uranium projects.

Btw, Bill Hewitt and Sam Randazzo welcome enquiries from shareholders.

Cheers!