Ann: Exploration Update Hilditch West, page-12

We have been beaten up as far as the SP is concerned, EV of about $7 mill now.

The exploration updates have been good, we didn't hit massive sulphides in the first hole but at HW but there is plenty of good signs there that we are in a fertile system and there may be an orebody near by. The consideration is that these ore bodies can have short strike lengths so not that easy to hit on the first hole. The fact that the gov is happy to stump up more money for EIS drilling is a good indication of the potential here.

The Central prospects look good, will be great to get some holes in them too.

Still plenty to look forward to on the gold front and the methodical exploration approach here by management is excellent. Patience still required here for investors but this cashed up exploration junior is very cheap now. This is a well run exploration company that is on a genuine hunt for a significant discovery.