Ann: RC drilling commences at Lake Austin North, Cue, page-7

Eshmun - Lion of Cobar represents the distinct north south alignment of mines and prospects along the Cobar Basin with a deliberate African slant. Gotcha!! Long term YTC/Straits investor who survived near death experiences and riding the tsunami of corporate turnaround. Glencore is one of the keys to the Cobar Basin IMO. Glencore was heavily involved with AMI transition and has mine life off-take agreement with Aeries' Tritton mine. Holds mature CSA mine which Straits (Aeries) offered <~$500M some years ago. How long is this global marketing giant going to hold an ageing mine in western NSW? Regarding PEX, it is largely associated with Japanese interests who hold positions in Mallee Bull and Wirlong. Given China's predominance for mineral resource security, Toho and JOGMEG are not going to let these deposits go lightly. PEX's Wagga Tank/Southern Lights project may be remarkable but years from a mine - missing out on the $$ printing press. IMO, AMI is going to be so cashed up (>$100M) and have such a pipeline of organic growth, that it can be involved in every decision in and around Cobar for the foreseeable future. Jim Simpson is very highly regarded by everyone in AMI. His skills in underground mining/resource conversion and administration have a resolve and determination which will take AMI to great heights along with his ambition. Aeries Resources will be a competitor, albeit with a few constraints at present. It simply does not have the financial muscle which must be so frustrating for CEO - a very ambitious man who clearly states he wants more than one mine. IMO AMI and AIS will carve up the Cobar Basin with Glencore a proxy/silent and willing stakeholder.