Ann: Quarterly Activities & Cashflow Report, page-2

Strategic direction and acquisitions
During the quarter, the Board continued to actively assessed potential acquisition opportunities in the exploration sector. An option fee of $50,000 was paid for the right to exclusivity of a certain asset and GRV is currently seeking the necessary regulatory approvals. The Company will make a further announcement as soon as information comes to hand.

Cash at end of quarter
$2,343,000

Estimated cash outflows for next quarter
$205,000

Quoted securities at end of current quarter
93,355,357