Probably good riddance to some extent as they have become a drag...

Probably good riddance to some extent as they have become a drag on the share price this last 2 years after they have sold down (after making a good profit on their initial investment) and kept a cap on the share price. It can be a double edged sword having these sort of institutions as cornerstone investors. It is my understanding that RCF have lost big time on one of their Canadian investments (Wolf Ck??) and needed to secure funds to cover this loss and to top up their number 8(?) investment fund. ICG was not the only company they were selling down in the last 6 months.

I think that the JV with S32 is all we need. If the upcoming exploration is as successful as we all hope (and based on latest geophys results- I expect) then the drop in RCF shareholding is probably not important in the medium-long term. I sense that the worst is behind us, and it has been a pretty bad 2 years, and I am hopeful that once S32 start some serious ground exploration (probably ground geophyics first and then drilling) all of this will be a distant memory. I am still overseas and have limited email access (regularly changing countries means that Microsoft outlook starts to block my email access), however when I get home next week I will send the shareholder group an email update and discuss the last ASX relelase on the geophysics results in some more detail. However in a word - exciting!!