interest, page-10

re: announcement? Lots of speculation here guys!

Drilling is currently from both surface and decline.

I struggle a little with the 3D on 2D geological maps and planned drilling programs but think the drill hole that hit nothing was basically testing an extremity. You might remember a recent announcement that extended the mineralisation. I think this hole was testig it further in one particular direction and now in that direction the deposit is closed.

Three drill rigs currently.

Behind schedule by 3 weeks. I would be a little critical of management of the drilling teams here for not foreseeing the situation properly but the "number of factors" include.

Not enough experienced operators available to run two shifts.

Spare parts being imported from Europe for the rigs because all rigs and parts are basically spoken for in australia.

I noticed that Tony Howland Rose took up + 2 million shares in the rights issue. A positive sign.

Myself, I took up all my allocation.

I am a little jittery about progress. AGM have already identified a 5000 tonne pa resource. About the same as what Reliance are doing and they have just gone for 52c to CSM.

Definitely need the boys in Tassie to gee up the horses a little at this point in time.