time for kw to resign as ceo

Yesterday news sources reported a statement from Kevin Wills headlining ?Flinders Mines Says Pilbara Project at Risk?.

This headline was taken from a na?ve comment yesterday from Kevin Wills portraying a level of complete misunderstanding.

In fact major brokers such as RBS Morgans yesterday stated ?On the winners side we believe miners with marginal projects and junior explorers should see the greatest benefit. For marginal projects this is due to the fact that the tax provides a refundable credit for state royalties, it in effect makes royalties operate on a profit basis rather than a volume basis. For junior exploration companies the proposal doesn't allow for a flow through share scheme however a rebate at the corporate tax rate level is proposed, which will have the effect of reducing the cost of exploration for junior companies?

The fact that Kevin Wills made such a comment when the head of the mining council of Australia, Major brokerage firms, SA premier, Liberal Leader all stated that this PROPOSED tax will benefit as mentioned above and all believe that it is merely a PROPOSED tax and is a long way from being accepted.

Kevin Wills has repeatedly made comments to the public that has significantly damaged the reputation of Flinders Mines ? there is a direct correlation between the downgrading of FMS share price and Kevin Wills public statements.

Kevins inability to portray FMS? great story to the public combined with the fact that FMS is affectively ?gifting? assets to a new entity through an IPO of which the shareholders do not have a fair 1 for 1 holding. I agree conceptually that the company should ?clean out? the FMS entity to enable it to focus its core business on iron ore but to gift assets to another entity is not in the best interests of the shareholders of whom bought into the company because of these assets to be gifted.

The suggested process to provide fair value and return for shareholders going forward would be this;

? Call for Kevin Wills ResignationFlinders #2 entity lists with current shareholders provided with 1 for 1 script in the new vehicle

? Sharehodlers are now satisfied that they still retain some exposure to the assets they invested in as part of their decision to invest in flinders many years ago and Iron ore entity is ?clean? and standalone.

? Flinders #2 undertakes a capital raising to provide cash to support activities standalone to the iron ore entity

? This alternative avoids the IPO and grants long term shareholders albeit a far reduced exposure and value / return but retain some ownership of the original assets invested.

I am not doubting Kevin?s ability as a Geo but as a CEO of an exciting and growing mining company he is simply the wrong person for the job. We will be seeking support for his resignation at the next general Meeting and would appreciate support for this motion.