Some Points For Discussion, page-2

Hi Pygmy, not sure whether you are putting a case for - or against - Panda Hill, or whether you are searching for a bit of reassurance? I'll briefly reply ...

1)  I don't waste time trying to understand the market...lost too many opportunities in the past doing that! I prefer your "counterpoint"...the offtakes, finance and DTM will be the ultimate market tester.

2)  I have put a lot of trust in the skill, knowledge & professionalism of our Board & Management. I have read their announcements in this area and although they are late ( in respect to their milestone dates), it appears by their comments they have these areas well covered. Seems to me they are trying to hammer out and finalise the best price they can get. In fact, if the offtakes didn't materialize at all, one would have to be asking the Board some very serious questions in relation to their announcements.

3)  The "Tomtor" deposit in Russia didn't even get mentioned by the Board when they compared Panda Hill with Elk Creek  and Aley ... see page 5 of this....

http://www.cradleresources.com.au/w...e-Feasibility-Study-Investor-Presentation.pdf

If Tomtor is as big and as good as is mentioned AND is as close to production as Panda Hill is, then maybe we should forget long term and sell the project ASAP after the offtakes etc arrive.