Ann: PARTIALLY UNDERWRITTEN RIGHTS OFFER AND PLACEMENT MANDATE, page-19

Hi Midnight26 and all,

The cost of a London listing and repayment of the unsecured loan will not in my opinion leave a great deal of funds from this appalling 0.2 cent placement even if it is fully subscribed, for exploration activities.

I’m sorry but I for one have read that “funds will be used primarily for drilling” story far too many times.

I very much doubt that there will be much change out of one to one and a half million dollars for the cost of a London listing. I reckon you can also add at least another half a million to the normal $4M PA cash burn for the annual administration cost of a London listing. By the time you add in business flights to and from Perth and London accommodation costs and the cost of executive entertainment and life style expenses one would have to think can WCN really afford this foolish move at this time.

By the time you convert a share price of 0.2 of an Australian cent to the UK currency they don’t currently produce a small enough coin to quote a price in!

Just my opinion but at this moment in time would it not make a great deal more business sense to spend the $1.5 M drilling one or two of the more prospective properties in WA. After all we have seen the large Gold nuggets and have an unequivocal director (Todd) guarantee that this Gold is extremely amenable to simple easy gravity extraction. Mike and Todd it’s not rocket science!!!

If the shareholders are unable to dissuade Mike and Todd from their London life style expectations and remind them that this is supposed to be an exploration company at the next AGM then I’m sorry but I have to say as shareholders you deserve all you get.


Cheers and very best regards: Andy