Tasmanian DSO Livingston + Riley, page-11

The plan was sound before the save the tarkine court case. Unfortunately there has been a iron ore price collapse from boom times.....iron ore at 57 percent at such a small quantity isn't really valuable....the problem is supply has increased since then. Tin and tungsten would have to get to previous highs and beyond....and who is going to lend vms 200 million to get a tin mine up and going...only hope for vms is to strike an economic deposit....outside of Tasmania.....the good news they have some exciting prospects and a sound management team...if your relying on there plan that has been in every quarterly and annual report for years....I think you might be disappointed......just my thoughts....I brought my shares at an average of 38 cents....they can't even get a joint venture partner for Tasmania.....sort of tells you something

pete