Ann: Yangibana Project Update, page-18

Considering the recent downturn in the SP I would have expected an announcement of this sort to reassure nervous investors. Normal practice from large and small companies when their share price is being eroded for no apparent reason.

Most construction activities are 80% complete and once completed will enable the workforce to be on site to begin construction. Seems to me that things are moving along nicely.

Charles is close to closing another 200 million in senior secured finance to go along with the NAÏF loan.

Also only 36% of potential area has been drilled so far, which considering the region, I would expect significant upgrades in the future.

I guess it comes down to glass half full or glass half empty attitude by investors but we are only one good announcement away from heading north.

I’m as dumbfounded as anyone as to why this is priced where it is but when I consider what we have constructed so far, village, airfield, roads and communications, then it really is a no brainer and all I can come up with is someone is shaking the tree to get rid of the weak holders.