Ann: Sale Of The Four Mile Uranium Project, page-82

In response to today's announcement I believe we need to send another email to AGS asking them to clarify our interpretation of the Itochu agreement - ie can Itochu effectively buy 40% of AGS for 20 odd million.

If this proves to be the case then I believe immediate removal of the board is warranted as this agreement is in no way in shareholders' best interests and never should be have been ratified. It would have been gross incompetence.

KC