Ann: Wodger Drilling Update-Strong Visible Copper Mineralisation, page-26

"MLX did RNI a real favour in buying Fortnum"

Only on the basis that the next stop for RNI was corporate oblivion Shady.

There is no doubt about that BBV. Liquidation was not far off.

But that's one side of the story. The other is that if there had been no debt and RNI, a micro cap, had continued to pursue recommencement of production then one of 2 things would have happened don't you think?

1. Finally get funding and then finding, as WGX has found, that this mine development is time-consuming and more expensive than originally thought. How much has MLX/WGX spent so far? That is very relevant. I'll guess! $80m. Even if RNI had borrowed $80m, the servicing of that debt would have been a massive strain on the company, and more so when it's realised that the projected income from sales by date X would long have passed. I think that MLX planned on re-opening in about June last year. It could have been a disaster for RNI and its shareholders.

2. Not get funding and struggle on with cap raisings galore until the company probably eventually evaporated.

But unfortunately, that specific history has gone a long way towards wiping out almost all of my 6 year investment in RNI so it is a sensitive matter for me which I hope you will understand.

I understand. You should realise though that others such as SM are way behind on their investment here. I have been in the company for about 6 years too. My 1st buy was 70c. My 2nd buy was 99c then I subscribed at 35c March 2012 and then subscribed or bought all the way down. It has extended my working life - fair dinkum it has. Me no complaina tho! I did it. No-one forced me. I took the risks.

Despite all of the dramas though I still have faith in the worth of many of the tenements. Obviously some big players do too eg Michael Fotios, and whoever are the entities behind the competing transactions proposals.

It must be remembered that with the purchase of Grosvenor Gold's assets (including Fortnum) from BlueCrest came a vast unexplored or underexplored area that was prospective for minerals - ie Forrest-Wodger-Big Billy, Cashmans (Orient) and Morcks Well. Without that purchase we would not be drilling for vms cu/au at Wodger as we are now. Time might tell too that it was a judicious acquisition.