major ree , page-6

Hi Ausheds,

1. Dead right with respect to pancontinental contribution.

2. I don't think it will be a capital raising as it is stated in the activities report:

The Crossland/Pancontinental joint venture has decided to seek a third partner to fund ongoing work on this extensive tenement package. A data “room” has been assembled and discussions have been initiated with interested parties.

3. Current basket price "FOB Oxide Prices 'Metal Pages' 25 April 2012 Charlie Creek DISTRIBUTION" was $100.12 . The $47.46 is the TOYOTA estimate for 2012. I think the management was being conservative, I don't feel you need to increase that conservatism. (REE RESOURCE ANNOUNCED AT CHARLEY CREEK)

4. You know I believe in the economics of Charlie Creek, LOL, But you might consider there are other experts backing my opinion now.
(a) In the statement that PUC was back in it stated:
"PUC have enlisted a Canadian REE consultant to advise them, and he has visited the Charley Creek project."
(b)" A major international REE producer has visited the Charley Creek project for the second time to review progress, and has requested a sample of Charley Creek REE concentrates for testwork in its laboratories to determine process compatibility."
They may be a potential third party to Charlie Creek and I don't think they would be involved without the resource being economic.

May I suggest your starting to be in the minority Ausheds if you don't count some challenged posters on HC.

5. This is all happening very quickly and the equipment to 'wet' and 'dry' process the resource is readily available. Only need to lease a few trucks.

So could the resource be ready to be mined by the end of next year? IMHO easily.

6. The real challenge to any start time will be the EIS and I think it was stated the process has started. 12 to 18 months would be about right. So still OK.

All looking VERY positive.

People will wake up and your investment will be looking very smart.

Cheers.