further entension !, page-228

AKA, et all,

Attached herewith, three of Tony's comments made around the time of the JV being cancelled.

"Posted on 28/12/12
Hi nathan,

Yes I am very comfortable with 100% of Cockatoo. As I have always said we always have a few options open to us and we will do what is in the best interest for shareholders. At this point in time, thats owning 100% of Cockatoo. That may change, depends on many factors. Boards should always consider opportunities as they arise.

Cant really comment on the specific clause, but Wise did not complete in time. Which clause is probably irrelevant anyway.

Cheers, Tony.

====================

Posted on 28/12/12
Hi badfish,

If I post my address will you send it to me?

Wise are still doing ok out of our relationship. The Sales and Marketing Agreement stays intact.

Next ship is in a couple of weeks, we did suffer some damage to the new crusher that is not major but it did set us back a week for spare parts. These things will happen as we commission new equipment and learn how to use them. We can pick up the rate in February we expect.

Its like this for all new producers. Its a real learning curve even when you have very experienced people like we have. Cockatoo is looking very good though, we are very happy with Watpac at this stage and all sorts of ways to extend the mine life.

Cheers, Tony.

==============

Posted on 28/12/12
Hi 123,

The WEG sales and marketing agreement is a sole and exclusive agency agreement. That means we cannot appoint another agent, but it doesn't stop us selling ore on our own. We still expect to use Wise, especially into China.

WEG played no role in the HSC deal and will receive no payment.

Yes we will take the $5/tonne management fee from ourselves and save it for future Xmas parties:) (I am presuming you were joking right?)

Cheers, Tony""

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End of quotes..

In one of them you will notice that Tony made a comment as to why the needs of terminating the JV with WEG.

""Cant really comment on the specific clause, but Wise did not complete in time.""

IMHO, there lies the crunch of the matter. WEG DID NOT COMPLETE!!!

Cheers all,

I have to go now as I have to start packing. Tomorrow, after spending a few days here in Sydney, I am heading back home.