phil said mean and lean

I am responding in my capacity as a Director not the CEO.

1. Yes we think the consolidated share price should be in the range 1.50-$2.00 so it was easy to get to this number on a lower multiple.

2. The Rincon Finance is already well advanced. We will do the consolidation and listing of Rincon Lithium Ltd simultaneously unles and Corps Law provision prevents us.

3. $64 question. If you use 2009/10 eps you get one answer, if you use 15year NPV you get a much bigger answer, if you use a 15 x p/e for Rincon and 10 x p/e for Admiralty santa Barbara you get other numbers and so forth. Depends on your assumptions. Its definately not one to one.

4. No definately not - on our calcs the IO business was taking about 10-15% of value off the top from the Li business and the vast differences in profit margin and P/E multiples would have detracted from the real value of the iron ore business.

5. Clearly you don't read our annual reports - shame on you. The cost to run the whole head office last year was $600,000? On an estimated 2009/2010 Li revenue of US$120m the cost of $600,000 doesn't even get a worthy mention! We are mean and lean.

cheers