Ann: Closure of Non-Renounceable Entitlement Issu, page-13

re: Ann: Closure of Non-Renounceable Entitlem... Pros
- Linderman's Bore potential copper
- Barnes Hill Iron ore resource will be good IMO
- Other ground looks good (but still a long way off)
- Large investors taking an interest

Cons
- Continued massive dilution to keep going
- MFC unlikely to fund $30 million required for Barnes Hill
- Strategic partners/investments poor performance - e.g. MFC, GNI, BSM
- European project economics questionable
- Validity of announcements
- Outcome of similarly located Tassie mines

Good luck, still watching from the sidelines.