positive news soon, page-65

Just like to share my thoughts and decision after having a chat with my better half.

The real risk to us isn't the SP fluctuations (yes I know they reflect sentiment), but whether or not we go into administration before we hear from SIG or before other news might arrive. Potential JV etc.

Our current situation has no doubt forced us to cut costs/admin drastically, and (assuming we don't go belly up) this can only serve to make us more resilient. To me this fact is important because it means that we only need a small injection of funding (say 1-2 mil) to keep operating.

Based on the information provided by RM, and the financials, I think we can survive for some considerable time -with perhaps some small injection of funds by our friends in Guvnor and Inco. These companies and our larger shareholders would also be concerned about protecting their investment when we are potentially so close to the line on Isabel.

If my decision in time proves to be flawed, I will start again and I will also pay back my partner and her family for taking my advice in the first place.

I'm also going to write to Vivian and offer my services in the SI free for several months if it may help get the show on the road and keep costs down. In addition to my machinery tickets I will have a Masters from UQ Business School awarded in July.

Cheers all,

SJB

PS: Also note Rusty's comment re: Cobalt and also the (considerable) potential for higher grades to be hit on SJ.



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