today is a sad day, page-6

snuff,

I have no doubts that Nolans Bore will get into production and I have no doubts that ARU management will handle it. My concerns are that management totally underestimate the capital market. They are totally unexperienced but in these tough environment it is absolutely necessary to have some "friends" and institutional supporters amongst your shareholder and I asked myself almost everyday WTF Arafura is not able to attract at least one decent long term institutional investor. Arafura is attending one conference after the other but apparently they don't go to the right places and/or the institutionals are not convinced by what they here. This is why I think ARU should immediately think about professional support. The Oceanic issue was anther desaster in terms of communicating with shareholders and some shareholders I was talking to are under the impression that ARU mgt. has no idea about the impact of such behaviour. I'm getting that angry because ARU has this great project but at the moment we are on a direct way into heavy dilution which makes the project less attractive for us shareholders.

Lenni