clear blue sky at tanami, page-9

Hi All

I can understand everyone's frustration atm, and I agree there should be a review of the makeup of the board. However, all the winging and whining will not change the board makeup unless you have the shares and numbers to vote people out. I guess if you don't like it and you think there is incompetence sell your shares and move on. There is no point carrying on here on HC as you will achieve absolutely nothing.

TL should be congratulated for at least having the ganos to do this review and put a line underneath all that has go on in the past and re-baseline the data. He is not the villain in this.

Now from some research here is what I have found out. TC will remain the main focus and EXM will continue to try and improve their knowledge of the reserves and increase the JORC reserves using Cube. This will ensure consistency in the data. Cube have been ultra conservative in the eyes of some but I believe this is a good thing. They have basically done their job. ATM 200,000 oz in not enough but if this increases to around 500,000 oz then this becomes the critical mass to move forward to production.

As a result of the review production has been delayed at least 12 months. If the reserves are reached how this is financed will be the next burning question. At this stage EXM are still deciding. Cash is being reallocated and conserved.

Tanami will be a one pass black and white program. EXM believe they have a good bit of ground out there but will drill only a number of test holes which will either produce, in the eyes of EXM, a good or bad result nothing in between. So in that respect we will know right away. From my understanding the ground has dried out and they expect to have completed the program by end of June and results will be out in July.

There is a way to go in TC and the potential is still there. Tanami, while not vital, needs to produce a good result to give shareholders some confidence. If it doesn't EXM will probably struggle for the near term and undoubtedly come under more pressure.

I apologise if I haven't used strictly correct mining terms but for me this is quite a simple straight forward proposition which is highly speculative and high risk. The truth is out there now so no one can complain about that. If you don't like what you are seeing or hearing or moreover, don't understand it then I would not buy into EXM.

Cheers

BW