re: to john and the board

Yesterday's announcement regarding the finalisation of the first step in securing the overall financing package was a landmark and company enhancing development. A mining project highly likely to succeed, minimal or no dilution of the stock and also IMO a relaxation of certain tensions.

I have always been supportive of the board in the belief that this is the right team to bring this project to fruition- the latest announcement and the fact that it ( the board) was overwhelmingly re- elected at the AGM are both ringing endorsements.

Turning now to that unpleasant episode which erupted over the remuneration report and resolution 10-17, prior to the AGM. In the absence of any concrete news regarding progress made in securing finance these proposed resolutions could be viewed as a"bombshell". Shareholders, particularly dedicated long term holders were simply gob smacked. Reactions seemed to be based on imagination rather than information and human nature being what it is will always let their imaginations run wild and come up with the worst possible interpretations. I would suspect also that the board would have been astounded by what was essentially an outcry.

In defence of the board I feel now with the benefit of hindsight that it was hamstrung by time constraints. The AGM had to be held by a certain date and proposed resolutions made known 1 month prior to that. Finance negotiations were probably well advanced but not yet at the stage whereby a definitive announcement could be made,until now. Had the board been in a position to make the vital good news known earlier that whole unpleasant episode would IMO have been avoided. If imperfect timing beyond anyones control was the case then that is just a reality of life.

In that highly charged atmosphere frustrations boiled over and some HC members expressed themselves in very forthright terms, which in light of what we know now,would have been understandably upsetting to the board. In the spirit of restoring goodwill, and as already demonstrated by Justreading and A J Trader I am prepared to do the same. At that time when sensitivities were running high, if I said anything inadvertently which the board might have considered to be a bit harsh, then I am quite prepared to apologise for that, and I do so right here and now. I did not tell any fibs or intimated that anybody else did. I am always careful in what I say and try to stay civil at all times, but in that highly charged atmosphere people can easily take offence where none is intended. Simply human nature.

Returning back to the "deal." It's got the JG creativity written all over it. The mine will go ahead and the integrity of the stock will be safe guarded. As you said all along this was your objective and you have delivered - with many a anxious moment along the way. For those passionate long term long term holders like myself, lets just say "you have made my day"

I have written this post to express my pleasure at the finance deal struck, and also to help lay to rest the tensions which erupted last month.
All of the above is purely my opinion only and written with the best of intentions and without prejudice.