share holdings

All,

worthwhile looking at the anal report to see who did what in 2009 and 2010. Just assuming current share price our directors and key staff spent the following

2009 2010
Folly.........$9,375...$4,332
Lynch.......$22,000..$70,833
Willsteed.$28,125...$8,333
Towsey sold $$28,125 sold $$2450
Martin........0.....$3,000

Many people suggest you watch insider trading. The CFO managed $3000 out of his almost $300k salary. Not a bad effort after working somewhere at senior level for 5 years and own $3,000 of shares, and the COO sold. Usually selling could be for any reason, for example personal reasons, desparate to raise $30,000 for a car ?

To be fair I wouldn't say the salaries are exorbitant. Unless you feel that a CEO who spends half his time in Australia means his salary is effectively double. But thats a bit pernickety on my part.

the note on p20 1 // The related party payments are payments to entities related to the Directors and/or Key Management Personnel for work carried out by that entity or the hire of equipment owned by that entity

makes one wonder how much equipemt is owned by entites and leased back..supplementary salary? Not really, shrewd investment decisions of course.

So other than the $40M needed to get Warrior up to over 100,000 oz and the $70M to get City mines up to 200,000 oz, its all on track. Cinch really.