Ann: Company & Phase 3 Expansion Update & App 3Z, page-65

You are going to a lot of effort to come up with the same thing we all ready know, or don’t know as it were, re what has been paid for or how much per tonne and your own point re not getting paid at all supports the possibility that some payments may be out standing meaning all we can say is that IOR may not be getting $65 but neither can you say they are actually getting $45 or $16 or $58...bla bla..

No one is arguing that IOR is profitable. Blind Freddy knows this.

It’s the potential we seek. The demand for ore is there. IF IOR can produce it for less that they can sell it for AND convince the likes of BMM and others to buy large and ongoing qty then we have a winner. Go over as many numbers as you like from the past you will find all the evidence you need NOT to invest in IOR as they stand right now. I am not in IOR for right now. I hold because I believe IOR can potentially get the two sides of the equation right and see a profit.