Ann: Equity Raising and Key Board Appointments, page-73

It is very fair to say that many spec explorers (if not actually MOST) go through a cycle of drill - results- capital raise , with no intention to actually mining, thus diluting the value to the ordinary shareholder unless they also participate in all the credit raise.

From the early days - since the phoenix rising out of MGY to become CMM what impressed me most was that management at the time worked according to plan which was to build a JORC compliant resource and ACTUALLY take that to becoming a producing mine.

Since the board spill recently, given the history or the new directors, it appeared their goal was to get in very cheap and orchestrate a take over. They still may.

Clearly their goal is to get in very cheap and that is what has happened. However the recent appointment of the former RRL management strongly suggests that they are once again considering taking this to a gold producing mine. Otherwise why bother diluting the new directors value further. The market seems to agree with my sentiment too as the stock price is re rating as we speak.

Furthermore with all additional tenements which we are are and are planning to drill this truely COULD become the stock of a life time.

GLA

AIMO