Ann: Quarterly Activities Report, page-10

Hi Whizard, I think your concern re future spend at Jericho and dilution is valid. Having said this, if Jericho is successful then (i) future capital raises should be at significantly higher prices and (ii) even if we are significantly diluted (or alternatively if MEP's share of the project is reduced), if the project is half decent ultimately MEP shares should still be worth well North of the current share price of only $0.04 per share. MEP's current market cap is only 12 million, which to me presents a very favourable risk/reward profile given that Jericho is a significant discovery and MEP also has other attractive projects, market leading technology and management, entrenched position in some if the most prospective ground in Australia etc. IMO and DYOR.