I understand where you are coming from, we are all frustrated...

I understand where you are coming from, we are all frustrated with the so performance.

Just to put things in perspective I would like to try to explain in my opinion why we are where we are now. I'm not cross promoting as I do not hold any stock in the company I am using as an example, so please moderators take this into consideration as I believe it explains to the letter what wfe shareholders including myself are experiencing.

LCY and HAW JV update annoucment today explains exactly where we are at with our JV with CAZ.

I will post the annoucment below and try to explain under each paragraph....

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"As previously announced, Legacy Iron Ore Ltd (“Legacy Iron”) holds a 60% interest in the Mt Bevan iron ore project in Joint Venture with Hawthorn Resources Ltd (“Hawthorn”) (which holds the other 40%).
Under the terms of the Joint Venture Agreement, Legacy Iron is currently manager of the project."

#### similar JV agreement we have with CAZ as we have 51% ownership and are managing the project.

"The Joint Venture has a Technical Committee, comprised of 2 representatives of Legacy Iron and 2 representatives of Hawthorn with equal voting rights (“Technical Committee”), which is responsible for approving any exploration budgets prepared by Legacy Iron. A budget is approved when there is a majority decision and this is necessary for a work program to be undertaken by the Joint Venture. At present there is no budget in place."

#### a technical JV committee needs to be set up between WFE and CAZ to approve a works program for the winmar iron ore deposit and establish a budget moving forward

"Hawthorn and Legacy Iron are currently in discussions regarding a potential budget to undertake work during the 2013 calendar year on the Mt Bevan Project. It is proposed that this include upgrading the existing Mineral Resource Estimate to an Indicated resource by including phase 3 drilling, a scout drilling program focussed on hematite targets at Mt Mason North and Mt Alexander and some other minor items. An update will be provided once this is finalised."

#### As it stands I believe both CAZ and WFE directors are in discussion regarding the same sort of matters. The difficult part IMO is both companies are short of cash and IMO this winmar deposit is NOT high on CAZ priority to do list as they have other projects on the go. This is the part that pisses me of because the winmar deposit is all we have and without an agreement for a works program with CAZ we are stuck as CAZ has to fork out now 49c in every dollar in expenditure.

"Under the terms of the Joint Venture Agreement Hawthorn are obliged to contribute 40% of expenditure validly incurred in excess of the earn-in amount of $3.5 million by way of reimbursement to Legacy Iron. Legacy Iron to date has incurred approximately $1.5 million in excess of the earn-in amount, which amount has not been validated by Hawthorn, who as a consequence has not reimbursed Legacy Iron in respect of this amount. Legacy Iron and Hawthorn are in discussions regarding the reimbursement."

#### as I mentioned above CAZ is up for expences from now on.

IMO this is the main hold up for for us!! CAZ!!! When I read the LCY annoucment it all made sence to me regarding what we are waiting on and calling the winmar office it was reiterated to me that winmar will not be spending any money until a joint venture committee is set up and a budget allocated.

Come On Cazaly - Get your act together!!!!

Hope this makes sence to you all