fundamentals changed, page-23

"This is a big about-face from this time last year vintage where you were calling the board "poster boys"and you felt nothing could go wrong with permits and i quote::
Suggests to me that the 'poster boys' may well be successful in having the Source Materials Licence sufficiently fast tracked to result in an early 2012 approval (as has always been predicted by PEN)"

P/P - Indeed I said that - and strongly believed it at the time (very early 2011). I have explained several times why I - like many others - changed my view dramatically through the course of 2011 (particularly between May and up to recently). There is no mystery in that - it is evident in my posting as the year - and all the misguidance - unfolded.


"Also who ever can up with this "ramp".. "most significant in the companys history" a few weeks ago, about now would be a good time to apologize to the shareholders"

This is a most stupid comment P/P! My comment was directed at the possibility (at that time) of the company announcing its 'decision to mine'- something it has now decided. I do not resile from that comment because it is FACTUAL. A decision by an explorer company to become a producer is - and always will be - one of the most significant events in a company's history. Any company!

Your problem is that you are obsessed with the SP - not the fact of company building.

The reason that the SP did not respond as may have been expected was, clearly, because of the extremely disappointing jorc upgrade. In other words, the market was disappointed that the DTM was based on a jorc resource well below that established for feasibility in the EES. There are remaining question marks surrounding the timing of a sufficient jorc (which will hopefully be clarified in the upcoming DFS optimisation study) despite the DTM.

I have nothing to apologise for that comment.