third quarter activities report out..., page-7

'Tweety Comments' on Quarterly:-

I might start off by saying that IMO this is going to be a BIG upcoming quarter for the Company.

The Quarterly covered the Company's activities which include:-

A. The 6 Mining Leases of Bullabulling Gold Mine where $381k of gold was mined & sold. They are further exploring for increased mineralisation. IMO the grades were 'okay', but could have been better.

B. Bullabulling South - This is a prospecting License with further prospecting License applications in the pipeline. This area is being explored for mineralisation with a strong possibility of sulphide rich zones. Further drilling will occur for gold & nickel mineralisation to commence in June, 2007.

C. Young Nickel Project (MOU)

i. The Guang Ye gents are visiting Australia & the Company's mining sites from the 7th May, 2007. The MOU provides Guang Ye with an exclusive 6 month period to sign with JRV. Some Chinese technical people have already visited Young and seem eager for the Young Nickel Project to progress.

ii. Whilst the nickel and cobalt grades are low, the Company is developing its own process to develop the metals commercially. It's a little tricky to have the process work from scratch on the first try (which it hasn't) and the process is still progressing with the assistance of the CSIRO & testing occuring in Canada & Sydney. Additionally, 4,000 metres of drilling is scheduled to start some time next week.

To take advantage of the high nickel prices JRV will try & produce ferro-nickel - testing has been completed by Xstrata in Canada & the results are already held for most of the tests - a Report will be prepared shortly. IMO this could bring JRV some good income stream if they could kick this off!

D. Nyngan Nickel - Test work is ongoing & is going to take several more months.

E. Uranium - 4 Exploration Licenses have been approved with a further 3 pending. The rain has made it difficult to get out onto the sedimentary lake-bed where uranium samples were taken, but there is already some reasonable indications of uranium. Drilling starts at Lake Giles & Barlee (W.A.) in June, 2007.


So to wrap it all up, there is "plenty" to look forward to during this next Quarter as I believe it will be a very interesting time for the Company and its investors.

The big things are that:-

Uranium drilling is about to commence; the Chinese will be here at the end of next week; the gold drilling starts in June; and possible ferro-nickel production with technical assistance from Mintek, Xstrata & CSIRO lies in the wings.

...and herein endeth the 'Tweety Comments' - and to draw your own conclusions I might add the most important point - DYOR!

Cheers, Pie :-)