ann., page-4

MON has a receiver? Need to get that loan repaid.

Following the appointment of an independent financial advisor to review our
investment in Monarch Gold Mining Company Limited, the Company has identified
some concerns in relation to outstanding loans to that company. In turn, the
Company has appointed a ‘Receiver’ in relation to the Minjar Gold Project and is
ensuring securities are in place until an acceptable loan repayment plan has been
confirmed and completed.