**MALLEE BULL PFS**, page-2

Crom, why would any of us believe what R.T has to say on the matter of the PFS ?

Everything he has told us to date about the progress, when it would be complete, when it would be released has proven to be crap. If the guy doesn't get it by now that this abject failure to deliver is one of the yardsticks by which he is now judged & by which the share price is rated then i see little hope of him ever changing his M.O

No matter how fantastic drilling results are the market now just yawns when they are released. That's no accident. People aren't asleep to what Peel have. On the contrary they are looking at this with their eyes wide open. They are rating it accordingly.

Mallee Bull generated a lot of interest when the resource started to shape up. Then interest fell by the wayside when it became obvious that nothing was going to happen with it any time soon. Southern Nights when discovered set the stock off with a bang. Happy Days ! But then interest soon faded as everyone realised that the PFS for M.B was still dragging on. That cash flow wasn't something likely to happen in the medium term. People joined the dots & i believe concluded that the same glacial attitude is likely to be a template as to how these guys will apply themselves to all their projects.

At this stage i don't see any reason for optimism regarding M.B. In all likelihood we will be asking the same questions about M.B come years end.