2 - 1. Success has made it easy for us to be enthusiastic and to work hard. 2. We have run "lean" as an organization. I think our structure is somewhat formal but our relationships are very informal. This management style has made Utah very responsive to opportunities which is very important. Q. What is it like to work for E.W. Littlefield? A. I report to Bud Wilson, not to EWL. (JMG note: This point was not pursued any further). Q. Are you still able to make quick decisions? A. Yes. There has been no change in the decision-making process. We are still looking at Norwich Park and the expansion of Mt. Goldsworthy. Q. Are you the manager of Mt. Goldsworthy? A. No. (Explanation of Goldsworthy's management followed). Q. Is Goldsworthy the company that has had recent earnings problems? A. Yes, largely because world demand for iron ore has not been strong. Q. But you are considering an expansion at Mt. Goldsworthy -- is that because you are interested in the longer term? Q. Yes, production from any expansion would not be completed until we got into the 1980's. Q. Has the steel business improved? A. Not yet. There seems to be a time lag -- steel demand tends to improve sometime later than the general economic recovery. Q. I am surprised that you do exploration work in South East Asia? A. We do reconnaissance work there, which is essentially a "hunting license". Q. Does this cost a lot of money? A. No. It's easy to get permission to do reconnaissance, but if you do make a discovery, it's the development agreements that can be expensive and time consuming. There is a very long lead time in the mining business.