MHM's Future, page-16

Sailfish, I’m not sure what gold project you refer to, but there was an exploration project for gold in NE Tasmania just after the company listed. That did not find the expected gold and was abandoned. The last exploration I remember was on the west coast, south of Cape Sorell at a place called Thomas Creek. I think that may have been looking interesting after some drilling, but was abandoned when MHM decided, after what I understand was great shareholder pressure, to get out of mineral exploration altogether and concentrate on aluminium waste processing. But I can not recall hearing any mention of a 500kOz gold project, or of any gold project ever getting even to the feasibility stage. The Thomas Creek lease has now been taken up by another company, but I don’t know if it was actually sold or just taken up by the other company after relinquishment. The silicon project was quite real, with several of the possible sources being mentioned earlier this year by the Tasmanian Government (but no mention of MHM). Some of the shareholders who attended the first AGM held at Strahan even got to fly over the Cape Sorell deposit. Some silica, from one of the deposits, was later tested, reportedly favourably, for a new smelting method being developed in the UK. I was very interested in the potential for this project, but around mid-2012 any real information ceased and all we got was the mention in MHM reports that they were still interested in the silica. I’m not sure if that remains the case. I had not heard the prediction you mention of a 20-year mine life, but possible offtake partners for some of the silica grades were mentioned prior to mid-2012. I note, from MRT Tasmania information, that the MHM silica area on Cape Sorell is now listed as an exploration release area, so MHM have now relinquished it and their annual exploration report to MRT for the year ended 27th April 2012 is now available on the MRT website.