Ann: Quarterly Activities Report, page-2

It looks as though the CEO is doing shareholders little favours in promoting HFR's other projects until the stalemate with MAPAMA is finalised.

It's fair to say that shareholders are getting jack of seeing Appendix 3b's options being converted to stock, coupled with the subsequent sell side pressure on the share price for the risk free trade for those converting options.

Where were the drill results as highlighted in the quarterly activities report released to the market during the previous quarter? Does the company not view the following as important for Muga and significant for the Sierra del Perdon project?

Muga -
"In fact, the drill hole intersected over 6 metres of potash mineralisation from 502 metres below surface, with an average grade of 7.32% K2O. Within the PB seam, which is the primary mining horizon at Muga, drilling encountered 2.7 metres with an average grade of 10.46% K2O including 1.5 metres with an average grade of 14.82%. This result was better than expected, from both a grade and thickness perspective."

Serria del Perdon -
"In particular, the results from the sylvinite seam were positive with broad zones of potash mineralisation encountered from approximately 776 metres to approximately 785 metres below surface. The sylvinite horizon intersected 3.6 metres of potash at an average grade of 15.68% K2O including 1.8 metres at an average grade of 22.42% K2O."