portman response to egm notice, page-16

I would think that the tenements had a value and that is why JD kept them and put such a high price on them. it's pretty obvious that those tenements were part of the whole merger/takeover plan so therefore it would be safe to assume that this business is not finished yet. FAS knocked them back and then GWR, but that was before GWR had an inferred resource and done any drilling. If you look at the tenograph overlay map on google earth, the BIF's go straight through there and they do hold over 1MT so if you were to dig up the ore tomorrow and ship it, would be definitely worth it.

I see those tenements as the same as buying a house before the housing boom. It 's daunting handing over the cash, but in 2 years time, it's the best thing you ever did.

As far as the deposit is concerned, not sure why it was so high, but I guess that is the boards indication that they belive that they will get it voted in otherwise that would be irresponsible and the board would have to fall on it's sword if it was to get voted down and we still had to stump up the $800,000