Hi again Waiken, just occured to me to go back and have a look...

Hi again Waiken, just occured to me to go back and have a look at the resource estimates for Ann Mason and surrounds. I thought at the time that they were the biggest holder and that Nevada was next with another player (less advanced) being third. All in the same area. From the past announcements I can confirm that the initial resource was around 7-8Billion pounds and, adding up all the smaller estimated finds they announced after that (over about 2 years - Oct 2006 until late last year), about another 2.5-3 Billion pounds in the outriders. That gives them, conservatively, about 10-11 Billion pounds at the same sort of grades as Nevada suggest they have. However, I know that Pacmag believe that they actually have a few really 'hot' spots in the reserve at very high gradings and believe that once they find these the overall resource could increase again and that such finds will/may be the catalyst to either mine or sell. This being the case, they are still the biggest holder of resource with Nevada now a close second. From memory, the third player was around the 3-5 Billion pound range. Taken all together, I remember thinking that the resource in the area was probably between 25 and 30 Billion pounds, which is considerable and probably up there with the biggest in the world. Hence some consolidation will, we would hope, elicit an appropriate price that would reflect the significance of the resource and its potential. I know, and have said previously, that management will not be letting it go for nothing. Rumours abounded prior to the recession, that interested players were looking at up to $5 per share in terms of longer term valuation. This clearly has not transpired but I think it is only delayed rather than unlikely.