PHES, page-21

Hasn't  there been some feed back in regard to the board insisting that all the cash from the pit and the PHES has to be returned to shareholders and the exploration opportunities have to be funded by new capital or joint venture.

 I think the carried forward high grades will give us about 2 Kt for the first five and a half months of this year before we drop to an average of 1KT /month for about 12 months and then drop further for the last few months.

The AGM is when we can expect the dividend announcement for payment before the end of June.

Last year the AGM was on the 24 th May. We should have produced 9 kt before then all hedged at good prices. I think we can look forward to a decent dividend with the creditors up to date and no debt to repay.

Given the boards position, if the feedback is reliable, its a good bet that there will be a dividend reinvestment plan operating hopefully raising enough to fund the push into Nugent and a better than even chance of high grade feed for the plant before the pit stockpile runs out.

Management are most likely painting the blue sky as we speak to ensure the DRIP  attracts enough reinvestment.

That is all a bit wordy but hard to say more succinctly