investor presentation, page-9

Wiilbur, I can't answer Q1 and I don't know if anyone can really. There is no open RE market as I understand it.

What I do know though is that the scoping study will tell us a lot. One of the things being investigated in the SS is the possibility of Peak actually going beyond making a simple carbonate and refining it further.

The SS may say though that the +35% REO is all Peak can do economically speaking. If it is then this % product will be salable to a refinery or a party to an off-take agreement (with Peak) or both.

However, it may OK refining and, if so, that end-product would be as agreed with the off-take partner and at an agreed price. As the 1/5/12 ann states, such a partner would have a say in the creation of the refined product, as it would have certain product specifications so as to meet its own needs to create its own products from the RE or the RE mix.

The SS is so important imo. It will direct the future of the company. Much capital may be needed. If so, will P be taken over? -or- Will it be joined by a major player (and not necessarily one in the RE market at present)and grow to be a a world-class RE producer?

We are getting closer to finding out very important things. The simplified sulph acid leach test work is to be completed by August. Then there is the continuation of work re the ore feed variability factors (pages 17 and 18) with a further 100 samples to be completed by September followed by the optimisation of the leaching process expected to be completed by November. Usually "by" means "before",so the 3 critical dates should be the end of July, Aug and October, withe SS to be completed in December.