market update

Refer WVL's announcement to ASX of 23 Dec 08. The last paragraph is as follows.


The Company had $91m in cash at the end of November 2008. These funds are sufficient to meet
project expenditure until completion of the capital raising planned to be finalised before the end of
Q1 2009. The Company continues to monitor the Vanadium price as well as supply and demand
dynamics. The reduction in the US$ vanadium price has been largely offset by the weakening
Australian Dollar. The project remains viable at current prices and exchange rates. The ramp up of
production to reach 90% of design capacity in 2010, is in line with expected global recovery in
steel and other commodity prices. The outlook for Windimurra Vanadium remains as a low cost,
profitable and long life producer of vanadium for the global steel market.

Earlier in the release reference was made to a possible rights issue. I'd be a starter if pitched right.