looking very sad, page-6

a few things garnered from recent conversation with director where i did ask the question of whether the pursuit of three projects can be justified with the funds available..

ADN have not run out of cash.. they would be sitting on between $2-2.5M before the placement...

Drill rig is being negotiated at the moment for follow up drilling at Paskerville..and this rig will most likely continue on to the Eyre Peninsula location..

The intention is to get back to Rover probably 4, once they have better defined what they are targeting..my interpretation is that this would be at the earliest next dry season in the NT and therefore minimal impact on cash flow until at least 4QFY2013..

As for Rover 1, when I asked the question as to why this was not mentioned as part of the fund raising initiative, the answer was a very diplomatic, "no comment.. sorry"

It is probably this last part which is the most intriguing.. i am not quite sure how to interpret that!

i am dusting off the war chest in preparation just in case.. probably will not have to make a decision on placement until approx early August anyway..

cheers