Ann: Quarterly Activities and Cashflow Report, page-2

Holdonman - Do you really think Brett was going to try and make things sound exciting/rosy? I mean, the company has been beaten to s%$t.

It sounds like Brett will soon get a replacement facility, so that cash will then come back into usable funds.

I really hope they are able to get a deal done with the North Arunta tenements.

I agree about the review of Old Pirate, although I can imagine that professionally, he is probably trying to walk a fine line of not totally bagging the hell out of people I won't name...

If you include the $1.2m in capital expenses and admin ABU made perhaps $50 a ounce. Ouch. Just goes to show how vitally important a high grade would have been. Even just 2g/t more would have pretty much ensure ABU could have made a small return for the first year. Darn it all.

From Jan 1st to April, they are looking to produce perhaps 10-11k ounces including what is in lockup. So without crunching the numbers too heavily, they will hopefully come out at the end with perhaps $2-3m above their current cash balance. Also, the Dec costs don't show the benefit of 24 production rates etc. So I am hopeful the numbers will improve a little.

I am fairly happy with the cash balance all things considered. As above, it will improve and in the end, I don't think the company will be in the same position by June 30, if the company is going to be T/O or have some sort of substantial J/V deal done, it will occur before the Coyote lease runs out in Mid July. All IMHO of course.

The company still has an E/V of about $13 million. Which even in the Aussie gold sector is very low.

Good luck to holders! As perhaps luck is almost all we can rely on now