Ann: Commencement of Gold Exploration in North Kambalda-MCR.AX, page-14

Hi Kip,

I sold out at .31c (at a loss) I thought it would run to .40c and slightly higher but au/ni prices changed that.

Mincor has been a great business but has high costs relative to nickel mining and hence the C&M of their mines.

My thoughts a couple of months ago were along the lines of a lower dollar, gold price holding firm or going back to $1300 and ni bouncing to mid US$ 5.50. But that did not happen.

I do like their Cassini ni project and I think they will come up trumps with their foray into gold.

The current price is a re entry price for me and got my hand on the buy trigger but I am looking at maybe .22c

PS. I held MCR when it was paying dividends with ni earnings.

cheers
M1