some sanity ?

To Tareq Wizard8 and others

Like yourselves I too am fed up with the Bowen Board, but I have some reservations about your proposals.

1. I don't understand why Bill Hayes is not on the list of Directors to be removed.

2. Is Kevin Nichol a good candidate for the Board ? - wasn't it he who instigated the partnership with Bhushan including that part of the deal which caps the upside for BWN shareholders - this has been a strong point of Frank Farrell's criticism of the deal. Also I suspect that it was Nichol who was mainly responsible for leading us to believe there would be a JORC compliant resource estimate by the end of 2008. I am not suggesting he was lying - rather that he was overoptimistic and that he was talking beyond his own field of competence which is finance rather than coal exploration and mining.

3. I think you will have an uphill battle getting rid of all the Bhushan directors - appointment of all except Johari has been approved by a majority of shareholders; I think there is a good chance for weeding Johari out since confirmation of his appointment requires shareholder approval

4. I am highly sceptical that three cored drill holes will suffice for a JORC estimate - do you have expert geological advice on this point? I have never seen a JORC estimate established on the basis of 3 holes - please correct me if I am wrong.

5. If Bhushan goes out then BWN might go broke - how many shareholders are willing or able to put more money into the company.

6. Who is this person Yin you are proposing for the Board ?

I don't mind too much if Bhushan stays involved on some of the tenements on terms that are fair for all shareholders; what we desperately need are some more largescale coal users as partners for tenements that Bhushan is not involved in or else have them also as partners on tenements together with Bhushan - that way they can keep each other honest. I think Cockatoo Coal have the kind of arrangement with major coal users that we should have in BWN.

I am highly suspicious of the Savni Holding too - and that we don't know who really is behind Savni is in my view another adverse reflection on the BWN Board. In my view it really stinks that Bhushan with 23% of the company has a majority on the Board - but maybe that is because the BWN board took the easy way out of using them as a cash cow in exchange for a board majority and control of the company. After all, where else was ongoing funding for BWN going to come from ?

I am also suspicious of the proposed loan funding arrangements with Bhushan. If BWN ends up in hock to Bhushan, then it would be an easy way out for them to convert the loan into additional equity. Taking loans from Bhushan is another way for them to tighten their grip on BWN

All this talk of a billion tonnes of coal I would like to be true, but is it likely ? Bhushan has been talking of this, but in reality their and the Board's dealings with the recent Expert Reports and its blatant errors makes me wonder whether they are either grossly incompetent or incredibly lazy. What we have to remember is that BWN's coal tenements are largely "left overs" - they were late on the scene in picking up tenements, so we can expect that earlier explorers managed to pick up the most promising resources.

Keep in perspective the fact that drilling so far on EPC1045 has shown that less than 10% of it is now considered as highly prospective for coal - only about 68 sq kms out of around 800 sq kms.

But hopefully BWN will find a few hundred million tonnes of coal; any proven resource should do wonders for the share price.

And we should also keep in mind that uranium is now on the move which should boost the value of BWN's uranium prospects.