hammered, page-4

good properties but lousy management if management continues to underperform and to braek deadlines and disappoint investors we have to get of them. What scares me most is the volume...I know that it is not high compared to the huge uptick volume back in earlier 2006 but the last two days were the highest volume days within the last 30 trading days and we went down 10% on relatively good news from Nolans Bore and a very stable resource sector. In fact ARU is one of two red flags in my 25 company Aussie resource watchlist (second one is DYL), same yesterday. I don't wanna say those sales are attributed to 'people in the know' but at least the sales might be interpreted as a growing im patience. May be ARU has to delay the demerger till 2007 and some people already know about that.

Some more questions

What about drilling at Lucy - was supposed to start in September?

Any idea about drilling at Lagoon Creek - when might we see results?

Nolans Bore - any guestimates about a resource update?

Anyone heard about Mt. Porter gold progress. This was actually scheduled for 2005 ! and to my understanding everything should have been prepared for an immediate start after the mill opened up some months ago.?!

Our snail management has to get a kick in the bud if they fail to deliver within the proposed time-frames. Would have expected an demerger update if they don't get it together.

Before some keen managent defenders start their 'resource always is slow...' parols - this is not the point here. The point is about setting fixed dates and don't deliver and don't inform shareholders. Would be really surprised to see some action regarding Mt. Porter before 2009 just as an example and I may read the text in the next quarterly 'We were very excited to see the Union Reef Mill commenced production lately. We plan to conduct a comprehensive review about our current position at Mt. Porter and will consider every option. We will inform you in early 2007 about such considerations and will probably prepare a resolution for the AGM in late 2007 or 2008 at the latest....'

Lenni