valuation, page-2

Springsteel

I do not believe HAW needs to sit around waiting for LCY and NMDC to make a decision as to where to from here. HAW made the joint decision to take on LCY....now that this venture has been bedded down.

HAW should follow on with the rest of their plan which should be communicated with the rest of the market.

Each time I have rung and spoken to HAW I have been informed that they are still in negotiations with other parties about HAW. Only problem is they do not elaborate on the direction of the discussions.

An Ann from HAW about where to from here would be valuable to the SHs. However, only one or two SHs making calls to HAW requesting an Ann will not achieve much action. A concerted effort from a lot of SHs may change the company’s prospective and result in an informative Ann forthcoming......sorry just dreaming.

Must be nilly Broo time.

Thank God it is Friday.