Ann: Results of Annual General Meeting , page-25

clstw, the continual movement down is disappointing, and it's equally frustrating because it's a little hard to pinpoint the reason for such a steep decline in value. We might be able to look back in hindsight and be able to attribute a reason for the decline in value, but it's not apparant to me at the moment. There has been a cooling in sentiment towards the IO sector recently, but I'm not sure that fully explains a fall in share price all the way down to ~$1.30.

Can I ask what you said in your email, and what sort of response you are hoping to receive? It's going to be hard for the company to give you firm answers as to why the share price is behaving in the way it is because these are all secondary market transactions, and the company can only guess what the motives of buyers and sellers are.

The best thing the company can do to support the share price is to get that maiden JORC and Scoping Study information out into the market. I'm in no doubt that management knows this, and they will be endeavouring to get that information out as soon as possible. I'm sure management has also been in close contact with our major shareholders to confirm that support is still there for the company. We haven't seen any change in substantial holder notices so one can only assume that, to this point, there hasn't been a major wanting out and selling down their stake. JW has always seemed confident that the major shareholders share the same view as management/directors regarding the strategy and direction of the company.

Newsflow over the next few months;

- Provide updates on further progress at Mayoko (environmental studies etc)

- Update on Badondo drilling campaign

- Potentially further metallurgical test results from Mayoko

- Mayoko maiden JORC

- Mayoko Scoping Study

There is also the possibility of announcements regarding infrastructure agreements with other miners close by. The more information the company can get out into the market, the better.