compass shorts, page-6

Yo Chief,

Sir Fred is currently indisposed due to the PM's visit to Yaralumba today so I will respond to your post.

In the ASX release of the 3rd October was this:

"The preliminary budget and program has been prepared for the much larger and
financially significant Sulphide Project Feasibility Study and will be discussed between
Compass and HNC at the next Joint Venture meeting in Changsha on 8 October.
Discussions at this meeting will also aim at effective implementation of all joint ventures
pending the Northern Territory government administration issuing a stamp duty
assessment. Under the joint venture, HNC are responsible for 100% of the costs of this
work."

The 8th was last Monday and I don't know how long the JV meeting will be.

I expect that there might be a few sore a*rses amongst CMR management over the $30 million screw up and consequent delays.