Dear Hiten Pindoria I have just got back to the office and seen...

Dear Hiten Pindoria

I have just got back to the office and seen your enquiries.

The release the Company made yesterday provides a very extensive interpretation of the metallurgy of the deposit. This was one of the key elements of the historical data that needed to be verified. Could the Company replicate or better the previous work undertaken by US Steel? Yes on both accounts.

It is still the Company?s intention to make an announcement on the initial economic analysis of the project development, which will either be part of the September quarter activity report or earlier as a separate ASX release.

Yours sincerely

Max Nind