Ann: Resignation of Non-Executive Director & Appendix 3Z, page-87

I don’t know if the bond issue will be successful, my thoughts are that it could be a tough sell, but I truly hope that it is hugely successful. If VRC pull off this bond issue that opens up potential funding options for all of the other ASX-listed mining companies (KNL, MNS, WKT, GPX, PEK, ORR and so on).

I’ll admit that VRC isn’t my choice of G plays in Tanzania, but the contempt shown by management towards its shareholders is a bit of a slap in the face. The recent CR at a significant discount to the SP (at the time) should’ve been made available to exisiting shareholders through an SPP.

Anyway, it’s kind of difficult to follow VRC because communication from the company through company announcements is lacking. Perhaps if shareholders bandy together and let management know that they’re pissed off with the delays and lack of explanation and communication then maybe they might improve in this area.

The wheels are turning very slowly in Tanzania and delays are not necessarily the fault of a company’s management. To give you an idea of how slow things are moving, a company of which I am a shareholder submitted a written request to the Mining Commission to have the period of our ML reset to 10 years. Here we are four months later and we are still waiting. Another example... the new Regulations were gazetted in January and the Mining Commission has only recently updated and standardised the Integrity Pledge.