PEX - time to buy, page-109

Hi Sarg, I have been critical of CBH for quite some time. At this stage in the JV at MB they are not pulling their weight. The Peel team have built up considerable expertise in the regional geology. I have zero faith in CBH's credentials in this regard. At best they play devils advocate with regards to the allocation of expenditure for proposed drill programs. At worst they hold back expenditure such that 6 months may go by without any significant activity at MB/T1.

I hold the view that the JV with CBH is holding back the share price. Evidently with two operating mines (albeit with Endeavor on its last legs) they have other priorities. The PEX Board need to be more assertive in their dealings with CBH such that the numerous exciting drill targets are not left dormant for 6 month periods. In this way the Board will be fulfilling their obligations to PEX shareholders and other stakeholders like the NSW Government.