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Gold/Mining/Energy : Barramundi Gold

BAM 54.37

+0.6%

Nov 3 3:59 PM EST

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To: zebity who wrote (66)	1/14/2000 12:25:00 AM
From: johnhaley	Read Replies (1) of 99

Dear zebity, As a Director of Barramundi, I feel obliged to answer your question, but more importantly to point out how you have incorrectly read or interpreted the Press Release issued today. Firstly, employee options are NOT being repriced-the Press Release is very clear on this. What are being repriced are some warrants held by a totally arms-length party to the directors which were about to expire but which should now be exercised at 12 cents (a premium to market) to bring cash in to Barramundi. The extension only gives this warrant holder the two years he is entitled to for exercise of his warrants under Stock exchange listing Rules. Employee options have been issued at 14 cents, 50% premium approx to the current market, but these are not being repriced as you seem to have incorrectly interpreted. I would politely suggest that you read Press Releases more carefully in the future as this would help in avoiding mis-interpretations as seems to have happened here. John Haley Director Barramundi Gold Ltd.

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