mail from hacon 04.07.2012

A German shareholder got this mail from Hacon:
""Lars,

I too am concerned about the share price, but am convinced it is more to do
with market perceptions of small market cap companies than anything to do
with our specific project. This view was reinforced by my recent visit to
US, Canada and Asian markets.

The first concentrate sales will occur in August after the Ramadan Muslim
festival.

With regard to project funding we are progressing well and have received
term sheets from a number of banks that we are now negotiating. I expect
funding negotiations to be completed in August, although there can be no
guarantees in this market.

It is premature to declare the debt to equity ratios before completing final
negotiations and making a clear statement to the ASX. I do however remain
confident that we will achieve an attractive debt funding package which will
not require a significant equity raise.

Thank you for your ongoing support.

Best regards,
Martin"