drilling penned for..., page-2

From the debt updaate:

"Deeds of Amendment executed with Noble Resources Limited extending the date to 10 January 2013, by
which date various conditions precedent and subsequent are to be satisfied in respect to the proposed
US$10m debt facility and off-take agreement"

Sounds about right. Another delay. But obviously we need time to vote. But means sp doesn't need to move until January now.

"The Company continues to work with its advisors and Noble towards satisfaction of the legal, technical and regulatory
conditions associated with the Transaction and anticipates providing a further update to shareholders prior to the
Annual General Meeting on 27 November 2012."

Puting pressure on themselves again to update.


"The Company in discussion with Noble has further elected to prepare an Independent Experts Report and to hold a
further General Meeting of Shareholders in early January 2013. The Independent Experts Report will be included in a
Notice of Meeting with resolutions requesting shareholders approve the performance of the off-take agreement and
the exercise of rights granted to Noble under the first ranking security granted by the Company and certain of its
subsidiaries in favour of Noble pursuant to Listing Rule 10.1, on the basis that Noble has become a substantial
shareholder in the Company once Noble exercises its warrants or becomes a shareholder through participating in a placement of ordinary shares in the Company."

Although asx have said we don't need a waiver because Noble aren't major shareholders, we seem hell bent on making them a major shareholder.

And the cost of an egm in Nov followed by egm in Jan.