Ann: Exploration and Company Strategy Update, page-23

Grubarura.

I am well versed in AQD's affairs, and how they operate, being a former top twenty of that company and having been to their AGM's.

I also think that you only became interested in AQD since comments were made by myself way back.

If you go back through Hot Copper's posts you will see that I was the first on the ICG threads to suggest that S32 would most likely be the JV partner that took up with ICG. I felt this because of my knowledge of their relationship with AQD and their liking of Peru as a ground for exploration.

Anyway, I really don't care who said what first but please don't suggest that I am not across the issues involved here.

"My intuition tells me that S32 made an offer Inca could not refuse for JV of all the ground in Peru."

Your intuition told you that hey?
I think that maybe you became gripped by a large dose of intuition during one of your many phone calls to management.

My gripe today relates more to the poor timing of today's announcement rather than to it's content. It was something that should have been brought up after a good announcement about the S32 JV agreement, if such thing comes into existence, and I think that it will, and not now. It is one more sign of managements lack of understanding of what effect announcements of different kinds have on the sp.

You may feel that the sp is about to take off, and I hope you are right, but experience has taught me otherwise over the last 10 years. What I do know is that we have to have a 25% increase just to get back to yesterday's sp and a massive multi-bagger just to get the long termers back to break-even.

Grubarura, I like your enthusiasm and respect your opinion, but many of us are now old and very tired of only seeing more and more raisings and an ever dwindling sp. I know that you have supported the company directly during raisings, especially after myself and others finally convinced you that buying "on market" was not of any real benefit to the company.

I really think and hope that this is JV will really be our time in the sun.

Management are, in my opinion very capable, and I admire Ross as a geologist, but the protection of the sp is, and always should have been, considered very important. It has not been one of their strong points so far.

GLTAH especially LTHs

Lockitt