There may be some perception about the options getting over the...

There may be some perception about the options getting over the line bieng some kind of deal breaker. They are simply a good funding option but certainly not the only one.

Keep in mind:

Cluff would have underwriters who'd love to get a placement on this. In the past the company was funded for years through placements on some pretty weak projects, in fact they achieved not much more than simply keeping the previous managing director in his job.

Cluff only need a $2 million contribution for stage 2 of the project and the options would raise $5 million approximately. They raised $400 k just recently.

There are other less attractive funding options like debt funding out there.

The largest sharholder is Firebird (from the US I think) They are obviously supporting the current direction & board and would also not be interested in losing thier investment for the sake of $2 milliion.

Of most importance is the 2 non executive directors: take a look at Mr I. Johns, He joined the board in Dec 2008 and has NOT BEEN PAID 1 CENT!! (2.5 yrs)
He made a significant contribution to funds which is detailed in the 2008 AGM (I think) He is driving the deals overseas. He is clearly a wealthy person and there is absolutely no way I can see him (or P. Ashcroft) letting this project go now. They have got the overheads down to the bones and must be, oh so close, to digging holes in the ground if it hasn't started already.

One way or another this company is going ahead and the prospects are enourmous.

I'm excited boys!