Ann: Repayment of Bridge Facility, page-8

Congratulations to the management team. Youhave avoided the embarrassment of rolling over the Taurus loan and associatedcosts.

They had to have the facility in placeto rollover the loan. Moreover, they were wise ( I do not know, if legally itwas necessary) to disclose that they could rollover the loan. Imagine if the CRhad failed miserably. Indeed, they only managed to place the new shares at thelowest possible price of the price band.

The burning question for me remains was theCR an opportunistic move, given the soaring share price? I would like to thinkthat they had a strategic alternative master financing plan in place and thecompany had not trapped itself, financially, in a tight-corner with littlechance of exiting until the share price soared.

There may be a good explanation as towhy no cash inflow from the processing ore operation was shown in the placingdocumentation. There was no certainty that the plant would function well, postthe refurbishment., especially as it had been mothballed for some years. Also therewas no certainty, perhaps, as to what the future gold yield would be.

I do believe that it is now, so speak, abankable business. The balance sheet has been transformed positively. Moreover,it would be able to present a good enough business plan for most bankers,including those in Australia.

The decision to arrange future financingfor its development and day-to-day business activities in Thailand through Thaibanks makes good sense. As I mentioned previously, the risk for these banks oflending to the company’s Thai business has now been greatly diminished(prossibly was a pre-condition). Actually, if the Thai banks do not want to do business with the company now, I would guess that there would any number of foreign banks, or Aussie banks for that matter, that would be eager to step into the breech.