what is the trigger for a rerating, page-8

Dear Dudley,

I have just a few points regarding your communication with the market.

1. Why have you continuously advised the market that San Anton has a JORC resource of 10.19 m oz au equiv only to have the scoping study come out with an in pit resource of only 8.5 m oz au equiv?

2. Why have you advised the market that the initial JORC for Kalman would be based on 1000m strike length to a drilling depth of 700m and a density factor of 2.5 only to produce a JORC obviously based on much much different numbers? By your announcements these figures should produce
1000 x 700 x 90 x 2.5 = 175Mt. Not 49.7Mt....

3. Why have you advised over the past 6 months that you were analysing past results at Kalman for Rhenium and other metals but have only been able to release a handful of Re lab results?

4. What happened to Kalman being a polymetallic deposit containing high grades of U3O8? There in NO U mentioned in the intial JORC....

5. Why have you continued to advise the market that Mt Philp is a haematite deposit of a strike length of 4km when you have not released any drilling results for this deposit?

6. Why have you advised the market that additional drill rigs would be on site at Mt Isa to further explore the region and drill out Kalman, only to have them not appear? I would be very interested to know if the diamond rig you promised to be on deck in Dec 07 actually turned up and is drilling as promised?

7. Where are the 'pending' assay results from extention drilling at S d G advised in the Sep 07 Qtly?

8. Where are the assays advised to be pending from regional exploration at San Anton advised in the June 07 Qtly?

You seem to be clearly misinforming the market on the ongoings of your company and I think ASIC would be well interested in these short commings.

Yours sincerely,
MaxCap