Hi Guys,Thought I would share a detailed email response from...

Hi Guys,

Thought I would share a detailed email response from Brett Lambert MD.

Basically I explained my frustration at the past year with results and communication and a half from the share price dropping 88%.

I must say even though I am dissapointed with the direction of the companies share price I was impressed by the effort put into the response.

Response below:

In relation to your first question, we have, for the most part, done what we said we would regarding the exploration of our core projects, with the exception that post Fukushima we have directed most of our budget away from uranium towards base metals and gold, as stated in the September quarterly report. We are continuing to diligently explore and have two drill rigs in the field at the moment. We can’t control the exploration results or external factors that impact the Company’s performance, we just have to try and judge how best to work within the environment we are in.

The September quarterly dealt with the Curara Well assay results. As stated in that report the peak copper value was 1,120 ppm. A description of results from the diamond holes drilled at Red Bore was also given in the quarterly, including the DHEM results which was a key purpose for drilling these holes. Technical issues have delayed the processing of this core for assay and this will not be addressed until the geologists have been freed from the current drilling activities, the assays will not have any impact on our current work and have been prioritised below making most use of the available field season.

We have a lot of other assays outstanding, some that were drilled in September, which has caused some frustration. Our preferred lab (for quality reasons) in Perth is snowed under with return time now months rather than weeks, so last month we started sending samples to Adelaide. However we are confident of having results for release very soon and should have a few batches of assay results between now and Christmas.

It is hard to make comparisons with other companies. SFR for instance are enjoying the benefits from making one of the most significant discoveries in Australia in the last decade. In 2009, just prior to finding DeGrussa, they were only $0.05 per share. It is discoveries like DeGrussa that remind us why we invest in junior explorers. We are the only company outside SFR that have intersected DeGrussa style mineralisation in the Doolgunna region and we are continuing to do so, we just need to get back into some stronger grades and widths. RNI is a different story, THX’s results at Doolgunna (or the NT for that matter where we recently reported 19 metres at 1.94% copper) are far superior to anything they have reported, 0.6 metres at 0.4% copper is about the best I can recall from them. I can’t explain their share market performance.

There are many of us that share your disappointment with THX’s share price and we will be doing our best to try and rebuild market value, hopefully this will be aided by some drill results that can recapture the markets attention.

Regards

Brett Lambert
Managing Director