Manipulation, page-91

Rob.

I personally don't think that a CR is inevitable.

If we entice a major into a JV, then with the company ( ICG ) now so far advanced with prime targets, it is not unreasonable to expect them to contribute to our coffers to compensate us for past money spent and work done.

$5 to $6 million seems a fair and reasonable amount.

I am sure the board would push for a similar deal to the one we had with S32 and where we would be the managers and receive a management fee which would keep us going financially.

The $5-6 million would allow us to explore Frewena and hopefully do well there also.

This is another reason why I am against raising money for us to drill Peru when we could be carried along for free and concentrate more on the NT and Qld.

This is not the time to be over ambitious ( Dare I say greedy ) but to think conservatively and de-risk the company.

This would mean no more dilution, much less risk and a much better possible SP especially if we were to hit it big at Frewena and also much less stress and risk. In the long run it would lead to a better financial result for the share holders.

We could possibly hit the list of Australia competitive explorers which would give us a premium to our SP.

Lockitt