Ann: Chairman's Address to Shareholders , page-5

Who knows to be honest. Our effective cash backing is around 40cents based on the new agreement. However the majority of our funds are committed to the development of Karara. Hence we only have control of the "40m". However this deal hasn't been finalised yet.

Once the placement occurs I imagine the CDB loan will come soon after.

I know we are due the initial resource for our extensive DSO tenements in December. However I doubt anyone really cares given the current climate. Its all about funding and offtake agreements which will be the crucial elements to GBG's success. I think EPA for Karara will have no issues, espicially given the jobs it will create during this dark period of history.

I still appreciate GJ's support given he bought another 1,000,000 shares. Their are a lot of significantly undervalued stocks out there, and he puts another $400k in this gem.

Our shareprice may be low, however AGO, MGX, FMG and MMX have taken a much greater beating from highs.

Its depressing to see this companies share price collaspe, however it will eventually pass if you have the time. Our company is progressing with its objectives and 2009 will see the commencement of construction making this to a reality.