timeline, page-4

"I still think that the JV partners will decide our fate.Gut feel and not based upon fact. "

If the JV partner takes a 50% equity holding in NKP then maybe you're right. But firstly I don't anticipate that structure, and secondly I don't think they would decide NKPO fate even in that circumstance.

NKP is on the record about the options. We WILL get them 100%. Maybe the 'grey' area is that they can be made to be unattractive. eg 3c purchase price and 50c strike.

But I'm expecting them to be issued as part of a complete funding arrangement and NKP and NKPO holders will all get decent and profitable rights issue. Probably as part of the $50mil we need for IOP/Goldfeilds.