iluka quarterly, page-2

Seals,
Thanks for sharing that research information. Some positive signs for the sands markets going forward.

It is probably being too optimistic to expect a deal on Coburn in the short to medium term, given the global situation. We can always hope, of course, and the new MD is upbeat about this, but all the same, one would think that could be a year or so away.

Do you or other posters who have followed GUN over the years have any views on what is likely to happen to GUN while we wait and hope for a deal? The money runs out in early 14, and one wonders how the company can raise additional funds given their current position. And without any funding, our exploration assets aren't worth much - just sitting there. And how do we continue on waiting for a partner for Coburn if there are no funds to keep the company going? Seems like a real problem to me, but maybe you or others have a more positive spin on things? Any comments would be much appreciated.