fairness to shareholders, page-10

A few ifs:
a)if we're spending approx $2M a year on exploration for diamonds and phosphate while we have in excess of $50M in the bank earning around 5% interest then it is no big deal. Anyway in a couple of years time we'll have plenty of income from iron ore which would enable us to get more into exploration for diamonds and phosphate. (Yes I know we're progressively spending that $50+M but even so there is still money in the bank earning interest.)

b)if we sold off 75% of rights to those areas to a third party, then not only would we still end up with 25% holding, we'd have more upfront cash which would mean we'd need to raise that much less as we go into production procecedure of our iron ore deposits.

c)if FEX does go ahead then I wouldn't be surprised if and when they begin to identify diamond and phosphate deposits this 'unfair' procedure will be proposed again and another company will be hived off to separate the two projects and more shares given away.

d)if we employed a management group to concentrate only on the diamond and phosphate leases then maintaining full ownership of four separate exploration projects and not having all eggs in the one basket (iron ore) wouldn't be such a bad thing. (iron ore, magnetite, diamonds and phosphate).