Ann: Mount Morgan Project Update and Carbine Board Changes, page-38

Sorry Haydz, I don't think anyone knows at this point. I called the company on Tuesday and the reception service told me that Oonagh Malone, was called to jury duty and unavailable, also Tony Jones was away until the 16th or something. I was hoping to ascertain what the possibilities might be myself. So currently I think everything is up in the air or presented as such.

Sometime early in March I did speak with Tony and he indicated that if the project ceased that the major shareholders were part a group who were always scouring the globe for opportunities and they would fine a new one.

I am hoping, and it maybe pure hopium at this point, that some form of reprise/resurrection will occur. It is my belief that the final approval needed is in process and will be coming through. The considerable 'triple bottom line' values of the project remain intact. If and when final approval is received the final major risk factor has been eliminated, and Mt. Morgan becomes a totally finance ready development, the vast majority of the grinding preliminary processes have been completed. At an AISC of under $1,000 aud., a highly profitable project is ready to build and operate. If Gold continues upward, it will only help, some company who may not need to borrow any money could be interested or Raging Bull or Norton or....???

I don't know of course but I think there will be another act or two yet to come over the next few weeks to two months. What it will mean for us shareholders, I can't even speculate. I think that given we have $3mill in cash we are very much valued as a useful shell company and theoretically the only way is up.