Ann: Appendix 3Y Change of Director's Interes, page-10

re: Ann: Appendix 3Y Change of Director's... I think it is a disaster that these (apparent) institutional investors are selling. I am not sure if the 3 listed on the announcement are related or 3 separate entities. In any case, their decision to off-load is a real worry to me. Let's see, they would have bought at a price of, say, 7 cents or even through to when it was 20 cents or so, so somewhere in that range I would think; and therefore they are incurring a significant loss at the current price of 2 c. One would have thought that they would wait on if there was any hope of a turnaround, having held on since the Posco debacle earlier this year, and the appointment of the new MD. My read of it is that they have given up waiting, and the significant loss is better than holding on any longer. Well, if that's the case, then it really worries me.

What worries me also is the deathly silence from the new MD. Surely he has some vision he can share via an announcement or update.

As for Mr. Tillbrook, if he has a strategy going forward, he has never shown any inclination to articulate it and share it with the shareholders. His public pronouncements when the campaign to unseat DH was going on, were more around criticism of DH and the Board, rather than any alternative silver-bullet strategy of his own. I tried to contact him when he was canvassing for our votes on the proposed motion to remove DH, but he never returned my calls. So good luck to anyone if you can find out what he is thinking. I agree, it would be nice to know where he is with his thinking, and let's hope he does have some great strategy being worked up in conjunction with Mr. Bloking. Well, let's hear it pretty soon - this waiting has gone on too long. No wonder those instos (or maybe they are a combination of insto/private, I don't know)have decided to bail out.

This is an unfolding nightmare, yet it shouldn't be thus. GUN has assets and potential. Let's not lose any more significant holders. This company can be turned around, and I base this assessment on the various irons it has in the fire. It just needs someone to articulate and then publish a strategy that can show us all a way forward, not just with Coburn but with the other assets and exploration potential.

So get off your backsides, GUN management, and get some information out there to your loyal and long-suffering shareholders. Read these recent blogs and you will see how starved we all are for information, and that to me is pathetic. It can't be so hard to knock up an information bulletin, can it? We all know you have to keep some things commercial in confidence, but heck, some snippets of information would be better than what we have had so far. And try and manage your shareholder base so that you don't lose any more shareholders, large or small.

Mr Bloking, you have come in with much fanfare and write-ups as to your pedigree...well, let's start to hear from you, and see some results. 2013 is slipping away, so are we going to have 12 months of nothing?