the year of the tiger, page-4

Maddoc,

Companies that do well this year will be those that move quickest out of the recession. I was pleased that the Board decided to dump as much bad news into 2009. The asset impairment expense of 11.6 million cleaned up the books for a more positive 2010. There is a lot of good news to come out of Intec over the next 12 months.

I would imagine by now that the two GBG Stage 1 10 day pilot trials are underway leading us into the stage 2 commercial trial. We could see two announcements in close succession confirming the funding and the completion of stage 1, beginning of stage 2.

Zinc has been on the rise of late and the value of our EAF dust stock pile increasing with it. With the increase in the inherent value of this pile and the refund of the associated eviro. bonds I'm sure Intec are looking at and have possibly found an attractive processing option/solution. Perhaps this will be put to La Jolla in February as one of the prospective future project specific investments.

For me what will define 2010 for Intec will be the outcomes derived through the MOU with GuangYe. Surely the two parties have something in mind. I do - JRV. Perhaps when and if JRV's latest capital raising fails to raise the funding anticipated then GuangYe will make their move with INL along as their key technology partner ready to unlock the value of the resource. Only time will tell.

This is all speculation and random thoughts on my behalf so I wouldn't rely on any of the above in any of your decision making.