hi guys

Hi guys

Been busy organising a guesthouse for fellow Olympians, Ao Zhou Bu Luo (Australia House) in world -heritage -listed Lijiang/Shuhe, Yunnan Pr, eastern Himalayas. Consolation to the floating Med hotel we aspired to back in "straighter" times. Shld be ready abt October. Will have website by then. U r all invited to party. Activities range from complete crash-out R+R to spectacular scenic golfing, to extreme sport para-skiing off a glacier to a 1500m drop, or shooting the rapids of the upper Yangtze haha.

My take on CMR status and without prejudice of course :

(1) we tried hard to convince HNC it would be in their (and our) best interests to JV with shareholders in offering alternative DOCA where shareholders cld end up with 25% but they wouldnt bite ... suspect too much internal bureaucracy to allow smart flexibility ... and maybe even clouded by misdirected local advice ... believe some heads rolled internally but didnt do us any good ... shame

(2) we tried hard to extract a consolation pro-rata U-float for shareholders from FH but seems like again led up the garden path ... administrators do their job according to Oz regulations in looking after creditors only ... and since our FPOD claims were brushed aside in a series of "public show" and without any forensic pre-investigation, it turned out an embarrassing exercise ... reckon the alien "creditors" had a real laugh at us and the proceedings allowed by our system ... shame, shame

(3) we tried hard with the pollies from day 1 throwing it into the lap of the minister himself but once again, seems like too hot to handle within current directives of selling off the farm ... THAT is an unforgiveable shame IMO, cos even tho the aliens involved are only doing whats best for them in this dog eat dog world, its our OUR OWN POLLIES, supposed defenders of our future generations' wealth who have really failed us ... they and the "shells" of regulators who supposedly represent them and hence supposedly represent our best interests .... shame, shame, shame

(4) various media representatives were alerted to proceedings but once again, no-one really interested to really point a finger ... so far at least;

(5) various legal eagles alerted but again, no (up-front) money, no honey ... thats a phrase some Shanghai gals love to use these days ... appropriate for a world of "pros" the world has evolved into hey ?

Bottomline ......our invite to HNC remains open for discussion, as from day 1, but seems too late now, unless some unexpected forensic investigation sniffs foul play and delves further ... I speculate the yank SEC may have done wonders here if under their jurisdiction, but no-one here with any teeth methinks.

Soo way things stand, assuming we get a final vote, we seem to have 2 options viz

(1) accept 95% dilution ... that means about 2+ billion new shares issued and prob 2 cps relisting price ... what then usually ensues is a massive consolidation and private share placement to dilute us further if 95% aint enough ... then some compulsory acquisition, privatisation and refloat on a foreign exchange with focus on what this is really all about IMO ... the PRIMARY LEAD in the sulphides ... China's consumption is rising by about 20% pa and so far kept in the background out of sight ... is our government so short-sighted ?

or (2) vote against the DOCA and for liquidation, which means all broken up and probably HNC end up with it at a price cos they are in the pole possie wrt oxides and JV ... maybe thats what HNC are hoping for ... but shareholders get NOTHING. Again would love to be invited to a pow wow with HNC on exploring other avenues even in downtown Changsha. You know how to contact me bros.

Personally have written down my holding to 1 cps in the trading company and will be claiming a trading loss. But personal and super holdings cannot be written down, we need either re-listing for disposal or liquidation for closure.

Story aint over yet tho and who knows what might emerge out of left field within the legal statute of limitations. We have an ozzie asset of significant value being fought over by 3 aliens and only a token gesture offered to Oz shareholding (political?) viz 2.5% fully diluted, whilst our Ozzie "defenders" silently stand by. This is NOT the way it should be. Anyway u smell it, our "system" stinks.

All personal opinion of course and do not intend being pro-active re this anymore ... but remain open to any invite to assist. Reckon the GORM threatens megabear E next and out to end 2012/2013, so prefer to instead spend my remaining time indulging in the natural wonders of this world within my residual financial capabilities.

Lots of foreign investment interest is emerging up here, so am also available to consult /project manage from my Lijiang base whilst pouring an ale or a Vic red at nite in my beer garden at the 2400m Shuhe base of majestic 5600m Jade Dragon Snow Mountain over-looking. Any golfers fancy improving their drive by 20%? In the thinner air of 3300m elevation, the golf course up here offers just that without further practice haha. On Perth time too, so very user -friendly in keeping an eye on the XAO from here as well.

Maybe can even start an Olympian enclave. Locals actually grow their own poppies up here, tho personally prefer the fishin in chain of deep blue lakes up Snow Mountain haha. Spectacular scenary, permanent glacier national park from 4500m up, fields alive with flowers blooming, clean spring water everywhere and the air is so fresh it "bites".

Good luck bros. I continue to keep an eye on proceedings from here. Keep pestering the pollies, u never know.

Ollie