Ann: Market Update, page-4

Hi Oshovah

There is precious little interest in this sector in general at the moment. I don't think anything is going to happen with SOC until they bring in some drill results .... another few months yet to wait.

Personally ... I think the management has a track record for being too hasty in accepting funding [Bergen springs to mind]. I would have much preferred to see the results from the SUGEC JV and Halls Peak first. I am expecting those to be very good. I think in hindsight it will prove they have sold a 50% interest in Mt Adrah for a bargain price [deja vu all over again??].

Anyway .... such as it is ... SOC now has a funded exploration program ... I know management has done a lot of desktop work in preparation [although it would have been nice if they had included details in the announcement on the timeline for when the money has to be spent].