it's all too hard for me.

I've been going back through the annual report to start to untangle the web here, but am just getting no where. The idea was to giv e me a foundation to see where our $2 mil went since there didn't seem to be too much drilling activity (well not 2 mil worth).

A few things:
* $60k for a non-exec director in a tin pot mining company, I ask you.
* Interest free loans abound.
* I haven't found anything yet, but understand that our company somehow sponsors or supports the sailing ambitions of our directors (currently at a regatta in Russia??)

Transactions with related parties:
Key Management Personnel
a. During the year, the Group has purchased shares and options totaling $32,639 (2011: $14,250)
and sold shares and options totaling $67,048 in Proto Resources & Investments Ltd, a
company for which Mr Mortimer and Ms Darby are directors.
b. During the year, Proto Resources & Investments Ltd, (a Company of which Mr. Mortimer and
Ms Darby are directors) has provided office facilities and access to personnel to Global Metals
Exploration NL valued at $66,000 (2011: $66,000). At 30 June 2011, there was $16,500 due
to Proto included in trade and other payables in relation to this transaction.
c. During the 2012 financial year, the Group provided a loan of $2,928 to Proto Resources &
Investments Ltd (a company of which Mr. Mortimer and Ms. Darby are directors). During the
2012 year, an amount of $15,361 in relation to loans provided to Proto was written off against
the loans provided by Proto to the Group. Amounts repaid during the year to the Group were
$0, leaving a loan provided to Proto at 30 June 2012 in the amount of $6,403 (2011: $2,928).
d. During the 2012 financial year, the Group received a loan of $50,000 from Proto Resources &
Investments Ltd (a Company of which Mr. Andrew Mortimer and Ms Lia Darby are directors).
There was no interest payable on this loan. The balance payable to Proto at 30 June 2012 is
$56,242 (2011: $5,898).
e. During the 2011 financial year, the Group provided a loan of $2,640 to Cooper Corporate
Capital Pty Ltd (a Company of which Mr. Benjamin Cooper is a director). There was no
interest payable on this loan which has a balance receivable of $2,640 (2011: $2,640) at 30
June 2012.
f. During the 2012 financial year, the Group has paid $5,367 (2011: $5,367) to Cooper Capital &
Investments Ltd (a Company of which Mr Benjamin Cooper is a director) for capital raising
services.
g.
h.
Superstructure International Pty Ltd, a Company of which Ms Lia Darby and Mr Andrew
Mortimer are directors, was paid $4,950 (2011: $19,800) for the year ended 30 June 2012.
During the year, Mining Corporate Pty Ltd, a company of which Mr Hunter is a director was
paid or due to be paid $136,463 (2011: $140,180) for company secretarial and accounting
services.


dis: down grading my sentiment to "none", until I get to the bottom or see JR (or others) pick up the reins.