investor presentation - 25th august 2011, page-17

JM2110/Alex 999

A few points for you to ponder.

1) It is the quality of the resources that are important. It?s not just tonnes and grade that you need to look at, it is the ability to produce a product. You can have intelligent people and good resources but not the ability including ouside your control)to make it happen.

2) With application for environmental permit due mid 2012 and 6-9 months for approval the operation will not be starting until 2014 (if it happens).

3) No feasibility study has been conducted. The capex number I have seen is US$100m. How accurate is this and what does it cover? Does it include things such as tailing dam construction and other earth works, environmental bonds, employing a work force, drill out, de-watering, working capital etc?

4) I truly love the 200m schematic pit on pg 7 of the recent announcement; it highlights my point of no mining experience. If pit optimisations have been done they should show that. So how they calculated total mining costs I have no idea and thus POSSIBLE mineable resource (note not reserves. What were the assumptions made in the base case? If they were based on the schematic pit shown they are having a joke, if not then show the optimal pit shell (remembering this does not include a ramp)

How much of this top 200m has already been mined out?

5) The Cameron open pit area is on the edge of the Cameron Lake and the current decline is flooded. Most of the other prospects lie under lakes which are fisheries. Water and environmental management, WILL be major issues. What are the costs associated with this? I bet you know one knows.

Nothing is insurmountable but I don`t believe this board/company will not be around to mine it. The board are clever men but not miners. So why not spruik it and get someone else to take the risk? They have done it before and mostly likely will do it again. If that means they get best value for the shareholders all the better.

JM2110 when the stock actually starts to trend (as you most doubt are aware how you pick that is purely subjective) then I will do what most sensible traders to do put aside my prejudice and TRY to play the market.

Simply put nothing is currently happening with the SP except for a lot of hot air and that means there are better opportunities to invest/trade in.

PS if the stock is so good and so hot why have there been no trades in the last few days. Surely you would be buying more and taking out all those non-believers/sellers.