trying to remain patient, page-20

Mike the buy back was put in place when the SP was below 10 cents and below cash backing. Management's objective would have been to support the SP not to actually buy back shares. We would rather use the cash to develop Wonarah. Buying back shares only becomes beneficial for shareholders if they are bought below cash backing, that is paying 9 cents to buy 10 cents of cash. No value to us of the company paying 12 cents to buy 10 cents of cash. Then with the SP out of the bargin bin it makes it easier to negotiate s deal with say a corner stone investors at more favourable terms , for example Vulcan.