Ann: Key Director and Management Appointments, page-71

Hi Humbuggy

Not much point offering up info which is 4 years old. I was a shareholder when that presentation was given and it encouraged me greatly at the time .... but 4 years on, I have learned heaps and today I can shoot holes in that presentation all over the place. The main point is the gold in Hobbs Pipe is locked up as a sulphide .... meaning 1.2g/t is wholly uneconomic. [fwiw... I have had a sample of the Hobbs Pipe in my hands... it is a very hard, dull green, uninspiring rock which would be difficult to crush.]

That said, I am firmly of the opinion there is very good gold at Mt Adrah .... but it's going to take some methodical exploration to prove it. Finding the high grade reefs is the key to Mt Adrah. Also, 800 metres away is Hobbs SE which returned 2.6g/t near surface [from memory] and is another possible pipe. A couple of K's to the South there is gold in an oxidised state which is also very interesting.

The new guys have to prove themselves. The two previous managements have conditioned long term holders to be very distrusting of company announcements. Hopefully we see a sober and sensible exploration program announced soon.