I have just sent this, probably will get trashed before its...

I have just sent this, probably will get trashed before its read......



To Mr Toll and Mr Swann

I am writing today after months of despair to formally express my utter dissatisfaction and lack of confidence in the board and its senior management to date.

Yet again we have been given a totally unacceptable announcement prior to start up of a major cost blow out and further delays. As a modest shareholder I ask myself how can this happen, again?, these shocking announcements have been going on for nearly a year now and we are still yet to see or be convinced that this project will work and be profitable, one would have to conclude that the NPV of the oxide project now, has been sustantially reduced by going from a healthy net position to a position of significant debt and dilution.

Where have the vision statements gone of the past, what has happened to the Wealth Creation Platform that Mr Toll spoke about not so long ago? where are the marketing managers that are needed to tell the rest of the world about Compass's story or is this not what HNC want?. I along with many shareholders feel quite concerned about the realtionship between CMR and HNC and the direction it is headed, we hear that relations are better then ever yet I was appaled to read the crux of the oxide update via a HNC article nearly 2 weeks before CMR's release last week? what does this tell shareholders about disclosure? it also helps explain the consistent share pirce declines PRIOR to announcements?

Frankly the way in which this company treats its shareholders is nothing short of disgraceful, given this project is almost 12 months late and $100 million over budget I think its fair to say we deserve much more and the Board needs to stand up and deliver, lets hope the long awaited resource update is worth it!

Regular updates would go along way in helping to reassure shareholders that owning stock in this company is a good investment, bring back the vision and strategic management that not that long ago showed CMR as a leading emerging producer and exceptional growth story.

thank you and I do hope someone is listening.