make your own mind up, page-2

The following 2 points listed below from the announcement on the 14th of August wraps it "ALL" up for me.


NEWS RELEASE - Date 14 August 2008 / ADMIRALTY UPDATE

1.Phillip Thomas reported to the Board today that the trip to China to visit Shougang, WISCO, Shandong and other steel mills and our major equipment supplier for plant expansion was a "MAJOR SUCCESS".

2. Two additional financing facilities were discussed and the framework established around future joint ventures, post Admiralty moving to 100% ownership of CMSB its Chilean iron ore Joint Venture, and a closer relationship with Santander Bank, WISCO and Shougang.

Phil reports to the board that his

"MAJOR STEEL COMPANIES VISIT"

"WAS" a

"MAJOR SUCCESS"

The wording leaves no room for ambiguity.

Phil "did not" state that "he believed that in his own opinion" that his visits to Shougang, WISCO, Shandong and other steel mills and our major equipment supplier for plant expansion could be successful.

PHIL STATED THAT HIS VISIT "WAS" A "MAJOR SUCCESS".