not much happening, page-8

Hi again WolfPack,

You are close tot the mark with your observations. With Reference to the 27/02/07 ann titled "Acquisition of Wittbank Coal Project" , I would have to say the following:

- The title itself is misleading as it announced the signing of a letter of intent to purchase. So yes, no transaction has taken place so far, all the hype surrounding the SP movement in the last year has been on speculation that the transaction would be completed.

- Re: " issue of 100,000,000 shares @ 5c or 80 % of the weighted
average price for the preceding 5 days trading on ASX.” i imagine this is ear-marked for the sub-section of the Feb ann titled " Further exploration agreement". The current low Sp will not mean the deal will be off as you thought I insinuated. rather I meant that the issue of these shares may be cancelled and they may get funding through other means.

When I inquired about funding to management ( of course they are vague) I was told that they have got other funding options /backers available. Anyones guess as to who, what or how.

Re: Geo talk - Yes I correct my previous post where I said that the 'geo talk' might mean they are looking beyond the transaction stage. Naturally it gives them future insight but it is highly likely that the geo was/ is fulfilling the companies mandate as described in the subsection " transaction details" of the Feb 07 ann. I quote:

"The transaction is subject to CME( now FSE) completing a full technical and financial due diligence to CME's satisfaction within 4 weeks of execution of a binding purchase agreement refection these terms".

- Whilst the coal mineralization estimates were conceptual in nature, the estimate of 6.5 million tonnes of underground coal at the Tririchard tenement
@ $120 ton is a staggering amount.

- Lastly it is fair to note that there were some changes in the management here. Tim Kestell has been out for months. I wonder wether the new managemtn still has the same vision namely i quote:

"CME/FSE is of the view that the transaction which is now contemplated will provide a platform to build a significant coal resource, the objective of which is to achieve a billon tonnes of high quality coal under its direct control."