perspective, page-16

hi paul,

thanks for the comments/advise. I do agree that some (most?) P.R. people are there just to make you feel good. But I didnt ring Ian to get standardised answers, i rang to ask questions of his study. I dont want supercoated answers, in fact if i get them i ask for justification. I honestly dont find Ian that way inclined anyway. I talk facts and he does the same. I query anything that doesnt add up. Take the 1mt for example - i said that that figure scares the hell out of some people - why has it changed? see the answer in the previous post - nothing has changed.

I see IFE as a buy, a very short-term buy. I think we are a higher risk investment at this point than we'd all like to be, but the S.P. is reflective of this, IMO.

Im looking for 2 things to be pushed through quicksmart

1. Mining licence appl. Get this done ASAP and make sure IFE cannot be blamed for any extension of approval times.

2. announce further drilling, and port access agreements.

regarding your timing of buy/sell- i wouldnt personally want to be chasing stock in 6mths time as i doubt we will be able to enter any cheaper than today.

re IO prices, I some are underestimating the rest of the world's demand for IO. Take a look at India, Russia, Brazil and various smaller growing economies. Price will vary, it may come off a bit too, but at the end of the day the demand coming more places than just China.