Ann: WDR Appoints Voluntary Administrator, page-7

Sorry to hear the news. I have been bearish on IO as a longer term play because of what happened to the IO price after the last great boom back in the 1970s. Basically only the lowest cost producers survive and they do it by increasing volume that kills most of the other guys. The same goes for all the bulk commodity plays (coal, bauxite, IO).

My broker, which shall not be named, had a target price of 38 cents back in July for WDR. I have found their mining analyst to be far too optimistic about most of the mining sector.

Today the broker released the following statement -

"Please be advised that (name of broker) no longer provides coverage on Western Desert Resources following the company being placed into voluntary administration. Any previous recommendations or price targets should no longer be relied upon."

Yeah, tell me be about it.

Good luck all.

loki