INTERVIEW WITH MR. ANDREW DRUMMOND, MANAGING DIRECTOR OF MINEMAKERS LIMITED (MAK)

“Share Price Update”

http://www.brr.com.au/event/52300

FRIDAY, OCTOBER 10, 2008, 5:15 PM.

            BRR    Today on Boardroom Radio, we’re talking to Mr. Andrew Drummond, the Managing Director of Minemakers.

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                        Andrew, glad to speak to you again.

            MAK     Yes, good day, Joel. I wish I’m talking to you in a sort of happier circumstances.

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            BRR    Yes, it’s certainly been a fairly disastrous down the market to put it lightly, we’ve seen Minemakers’ share price before quite a bit this week (inaudible) (0:00:18) just about everyone else. Are there any reasons for this beyond the general market sector there a bit?

20        MAK     No, I’d like to ensure your listeners that there aren’t, Joel, the market is fully informed. We will be having our quarterly report going out next week, probably early in the week. But now, we look at this share market’s paranoia at present. There’s no way that our share price reflects the worth of the company, let alone the flagship Wonarah project, and just by way of an

25                    indication, and we have had preliminary number there for Wonarah, just with the fall in the Aussie dollar compare to the US dollar over the last couple of weeks. The increase of rock phosphate price in Australian dollars, consequent upon the fall in the Aussie dollar, is likely to outweigh the actual operating cost, the production cost, or the phosphate based on the numbers,

30                    you know, that are sort of coming through as we do our scoping study. So, once the implications of that sink in, I’d like to think that our current share price we’ve seen as a (inaudible) (0:01:26) essentially but a lot of (inaudible) (0:01:28).

            BRR    Certainly it is. Now, Andrew with significant number of shares that’s come out

35                    of Escrow today, has it been feeling (inaudible) (0:01:34)  by the directors or vendors of the projects in the company?

            MAK     No, they haven’t. Again, a bit of bad luck in the time, it was certainly nothing to do with us. Now look, under our corporate governance policy, no director is

40                    allowed to sell any shares where (inaudible) (0:01:47) without the approval of the rest of the Board, and I can assure you that none has been sold and none has been given, which I speak to the main vendors of projects into the company, so they’re are also beneficiaries all the shares that came out of Escrow. We have a very good relationship with them and they have agreed

45                    that in general, if they are intending to sell some shares that they will speak to me first and I’ll endeavour to place in what with institutions and that we’re not going to disturb or upset the market at all. So, as best as we can we always, we’re aiming maintain shareholder value and output ripples into the market. Unfortunately, overtaken by a tsunami at present little on the ripple but unfortunately, that is lost in the share market at the preset, Joel.

            BRR    It certainly is. Some very reassuring comments there, Andrew. Thanks for

5                      your time and thank you for talking to Boardroom Radio.

            MAK     I’d like to say it’s a pleasure but maybe a little pleasing next time, Joel.

            BRR    Now, if you got any questions for Andrew about today’s broadcast please feel free to send through an e-mail. The address is brr@brr.com.au or you can use the Contact Us button on the home page. Thank you for listening.

INTERVIEW CONCLUDED

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