agm, page-3

Nice summary T1.

Was a very interesting AGM. The boring business bit was over in 10 minutes.

The Presentation was mostly read, and the slide show is the same as that was posted today. They answered any questions asked and we were all evicted when the hour was up.

They seem to think that copper is going to be good, zinc prices have plummeted so are not enthused with zinc. Worldwide copper production is struggling and internatioally mine grades have dropped to about 0.6%, management think that they will do much better than that.

Slide 7, there is a great deal of quality infrastructure close buy and they seem sure deals will be able to be made for the use of.

Guchab seems to be where the excitement is as shown by the large number of slides.
I was interested in the siting of Pad 1, I thought at the time that it was too good to be true and they had twinned an old drill hole as there was a fair amount of information available. Tim/Matt (not sure who was who) said that the site was just chosen on the surface indications and they were amazed by the result.

We all know how forturituous the 107m at pad 1 hole 1 was for the company as they solved their funding problems through the inevitable capital raising made at the time of the big run on SBR. Tim/Matt think they hadn't reached the end of the mineralisation in hole 1.

The wet is starting but it wont interferr much. The current drilling programme will be finished, and the next drilling campagne will start after the wet.

At Guchab they are current doing surface and downhole geophysics which will guide the next drill campagne. The downhole geophysics is essential for focusing where to drill next as these technologies have a limited range.

When they finish geophsical work at Guchab the equipment will be than used at Kaskara.

Kaskara drilling is progressing and some results are due within a week or so. BUT they are doing a systematic drill programme and working from the edge and following the mineralisation down so may not get to the sulfide this year. So it is likely the first Kaskara results won't be very exciting. But they will able to use the holes to do their geophysical magic and plan the next drilling campagne.

A word about the drilling. The rig keeps breaking down and parts have to come from South Africa, so they are all frustrated by the slowness of drilling. They are negotiating to buy a new rig and bring staff over from Australia.

This is a work in progress. I was wondering what to say about the AGM and have tried to give an accurate description of what took place. I left thinking HUGE potentional but could take some time.

Saltbus