first impressions

Well if first impressions are anything to go by, Wal Muir is simply a top bloke.

I have just hung up the phone to him where he freely gave up half an hour of his valuable time to talk candidly about where we are at.

A comprehensive update will be released to the market later this week or early next.

Dot points and in no order were:

* They've spent 9 million on this project so far and they sure as hell aren't going to walk away.

* Elections on May 25th (date ?) should give a much clearer picture of where we go moving forward.

* New York investor was there last week and feeling happy about the project.

* All potential investors are seeking assurance that whoever is in power won't 'steal' the project.

* Ukraine has successfully worked with Western companies for over 20 years with a basically clean record on this matter.

* Under the worst case scenario of the Russians taking over, Wal still thinks the project is a 50/50 chance of going ahead. Much higher odds under the other 2 politically more likely scenarios.

* All of this probably won't be wrapped up until 2H 2014.

* Wal and Mark are working their arses off.

* Wal (and others) have not been paid for 18 months.


Don't think I missed anything and everything I have written is as closely as I can remember to our conversation. I'm pretty sure I didn't misunderstand anything.

Hang in there everyone.