Ann: Positive Redmoor Study Results & Re-commencement of drilling, page-86

Glad we are on the same chain of thought, subs. Hopefully the thread can benefit for it.

On the phone so can’t reply to multiple quotes.

Re funding: Well the only other obvious elephant is Gary hasn’t yet been able to secure funds on reasonable terms and 3 months buys him some time to do so. No matter which way you look at it i.e whether we dilute down to 40%, we will still require funding in the not so distant future. Maybe there is something in the works for Lochinvar, and maybe there isn’t. I really don’t know. It’s all speculation until we hear it from the horses mouth.

Re Ann differences: Yep, thought that would be the case. Thanks for seeking clarification.

Re terminology used by SML: With the LOM costs quoted in SML’s Ann, I tend to think it’s probably just a difference in terminology used between our two markets/industry. The cost quoted aligns reasonably close with U/G mining costs per tonne here in Australia so I’m actually pretty confident it’s just a terminology difference. The mining costs could ideally be a little lower to be honest, but again, there could be some differences as to what is included in the costs. They could be including some U/G development cost in there so can’t judge it too harshly until more definitive studies have been completely and more info is available.