Ann: PNG Project Sale, page-8

Sorry. Not happy with the sale price here. I think they could have done a lot better. I would have expected at least $10M for a minimum 128koz and we know there is much more. $2m isn't much when you consider the work already done and the gold located so far. They are just bailing on the project. 1.5m in shares, that's if they float. Then a further $1m if the JORC hits 500koz in 5 years. What if they put it aside for 5 years? They didn't even give us the courtesy of telling us the results of the Taula assays. Sorry, Not impressed. They better hope there is something big in the REE leases or else we have nothing. They are using the REE assays to bury PNG.

GD