Ann: Tropicana Resource Increases , page-9

Rod,

The trouble with that is that even if he is right, he could imo probably half bought it for half the price now or later.

SBL,

I don't think it's that bad, I expect we'd have come back below $6 at least.

Assuming they were worth at least the cash we paid out for the initial stake, then we've just wiped 30% of our value (not 50%) going from roughly 140 to 200 mm shares.

30% of say $6, ie $1.80, but I am sure Bonwick is not even that wrong. Perhaps (but I don't expect so) he"ll yet prove right.

Webbie,

Indeed, I am sure we"ll starting adding resources from new discoveries further away some year very soon. Once the JV has cashflow they"ll no doubt throw even more into regional exploration - the usual scenario.

I'd say STB would happily take cash for Duketon and focus on the potash, however their expectations might not be realistic. If Duketon is any good perhaps best to at least wait for STB to do some sort of demerger.

EL