Ann: AUSTRALIA'S FIRST FIELD EVAPORATED SULPHATE OF POTASH, page-9

Maybe I am just over cautious by getting out. I still believe APC's projects are very strong and we are seeing proof of that now with the SOP but still much upside potential with the gold tenements. I'm afraid the last cap raising did leave a bad taste in my mouth and that concerns me going forward when significant funds may need to be negotiated to see projects come into production. Raising capital in the current environment isn't easy and you need to be able to really sell the viability of projects and stand your ground and not be dictated to, to the point where you get the raw end of the stick. I hope a lesson was learnt out of the last raising and that the next is much more in line with raising the funds required but respecting ALL shareholders at the same time.