Ann: Half Yearly Report and Accounts, page-23

I think you need to analyse financial reports more closely as management has definitely not spent $17million on salaries and bonuses. If you deduct the $6.2 mill for losses from

'joint ventures accounted for using the equity method', the actual loss for the period is aprox $2mill.

Of the approx. $6.2 mill decrease in cash, $5.8mill represents the amount spent to raise the level of ownership in he Maricunga jojnt venture. When considerations is given to the approx. $2.7 mill spent on the joint venture in the previous FY, the total cost thereof is approx. $8.5 mill. Wether this very significant outlay is justified only time will tell. But if you believe in the financial viability of this project, so be it.

It needs to be noted that this expenditure represents, by far, for the decline in cash of approx.$7.5 mill over the two financial periods. And no I am not an apologist for management, I am just outlining facts, which I hope will be helpful.

As a result of additional outlays LPI now has 51% of the joint venture.