Ann: Rights Issue Shortfall, page-8

Hi Midnight26 and all,

“What's ~25M shares @ 0.3 when Gleneagle and their mates have loaded up almost 1B shares at 0.2.”

It will be interesting to see if this Glenagle group act the same way as previous WCN brokers and start selling for their 50% profit immediately they receive their Billion shares. Although this time there are no free attached options I guess we will know shortly.

It would appear that this new group of sophisticated shareholders are willing to talk the talk but not put their own money where their mouths are. One would think that someone such as Glory / Ink so convinced of the 0.4 cent value would be breaking their necks to take up this up for half the value at 0.2 cents. Possibly their applications went missing in the WA mail system!!!

At least they appear to have sufficient funds to complete the current AUCU drilling program of 1,200 M and the additional 5,000 M to 10,000 M particularly as they say this is the preferred use of these fresh funds. If they do this and can lift the JORC resource substantially then and only then should any other listing be considered; although having said that going to London with anything less than 1M ounces is futile in my humble opinion

Now that their shareholder base has sent the directors such a clear message that they are no longer happy to support a $4,000,000.00 (Plus UK) PA cash burn for a minimum of exploration work one would hope they would reflect on their current remuneration. However, I don’t feel shareholders should hold their breath until this happens.

I guess Todd will need to put on some spectacular BS, Hype and Bonanza grades of amenable Gold type of show over the next couple of weeks, should be amusing to watch at least.

Cheers and very best regards: Andy