wrxsti email sent today as follows:From: XXXXXX XXXXXXX Sent:...

wrxsti email sent today as follows:

From: XXXXXX XXXXXXX
Sent: Wednesday, 23 January 2008 11:43 AM
To: 'Tim Gooch'
Subject: RE: Urgent Attn. Tim Gooch

Hi Tim,

MCR and VRE’s announcement this morning re ‘Carnilya’ has confused the market somewhat.

Most investors are/were of the opinion that the deal has/had been done, and that VRE is now totally debt-free via having paying out Investec as per the released information at the time.

I understand that it is a ‘conditional Heads of Agreement’ but no settlement date, or conditions pursuant to concluding the Agreement were published or released.

1) Please advise if the sale is effective as at January 8th, 2008 or if it is effective as at Settlement?

2) Does VRE still have any exposure to potential liabilities or revenues resultant from Carnilya until settlement is concluded?

3) Most J/V buy-outs involve paying out/refunding some/all of the accrued working capital costs incurred by the J/V partner being bought out. Is there to be any such payments made by MCR to VRE over and above the announced Sale Price and future Royalty Agreement?

4) What conditions remain for the Sale to be finalised, and/or is there any likelihood that the conditions may not be met by either party there-by cancelling the Sale – and thus resuming the contracted J/V arrangement, with terms and conditions precedent?

5) Has the outstanding Investec loan been paid out by VRE as at this time, and if not, is the Bank (Investec) still conducting its previously announced review and re-evaluation of all VRE/Bronzewing operations at this time, or indeed up to this time?

Your response to the above-mentioned questions would be most appreciated at the earliest opportunity.

Please refer below for the key paragraph in question from MCR’s release:

‘Mincor announced on 8 January 2008 that it had signed a conditional Heads of Agreement to acquire
View Resources’ 30% interest in the Project. If Settlement is achieved, the $22.5 million cash outlay is
expected to produce a strong financial return based on current reserves, as well as providing Mincor
with 100% of the future upside.’

Best regards,
XXXXXX XXXXXXX

* NB:- I now own shares and options (06/2008) in VRE in my personal name, as well as my superannuation and Company A/C’s.

***********************************************************
VRE CEO Company response as follows:

QUOTE:-

XXXXXX,

Our announcement on the 8th of January was as you rightly point a heads of agreement. This is not a binding sale agreement just the intent to enter into one. We are currently finalising the details of the sale agreement which when signed and the CP's meet will see completion and settlement. At that time we immediately repay the outstanding debt to Investec. Investec are very supportive as they are happy to get their money back.

Final completion should be in Feb. For all costs we have drawn a line in the sand as 31 Dec07, so no costs from then on.

No deal breakers in the agreement, very vanilla. We do need third party consents from a few groups but again purely deeds of assignment no difficulties.

We saw the release and asked for one change in the wording which Mincor accepted before release. Because of the JV and the sale we have the right to review any release that mentions our company, obviously under a confidentiality clause.

Kind regards

Tim Gooch
Managing Director
View Resources Ltd
Tel: 08 9226 4611
Fax: 08 9226 4655
Mob: XXXX XXX XXX
website: www.viewresources.com.au

-:END QUOTE.

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