Ann: Strategic Gold Acquisition in Highly Prospective Region, page-16

We have paid in cash and script just over 3 mil for this land which has 48koz. Wot? And along the way picked up two more mouth to feed.

We'll tell the market the raise is for drilling etc. but the truth is we still have no money to drill anything out. Do the math. 2.2 mil raise less expenses and 0.9 mil as of March quarter plus 250 k for Tarmoola option agreement = about 2.7 left.

We have 1.2 mil to pay in next year for new acquisition and a mil to keep the lifestyle afloat. Doesn't leave much for drilling.

We can't do another raise without at least some drilling of our ridiculous buying (from mates) spree in the last year, and we need money, so (ah ha) we sell Tarmoola.

We wont tell the market the sale price, even though it is a bit of real estate and there is no secrecy in selling prices unless you have an auction, because we are desperate and are gonna flog it cheaper than what it has cost us and they will not be happy with us. But at least we'll show 'em all we can get a drill bit in the ground.

Ironic, isn't it? We are selling the asset to use the money to do what we could have done with more than that amount of money if we never bought it in the first place.

I wouldn't say sell in my sentiment cause I'm holding but please beware.