AGM on 29 November in Perth, page-91

Brief note on AGM completed a few minutes ago:

Klaus did not attend. Still en route from DRC. Patrick Flint chaired the meeting. Comments made by directors included:

• 1 - 1.2Bt is a realistic resource target;
• Drill depths for upcoming program will be up to 400m or 450m below the surface (for DD). The RC drilling will be up to 120 or 150m. Drilling will commence in the 3rd week of December and continue through Xmas. The drill plan will be 100m lines with holes each 50m along the lines.
• JORC resource will be announced by end of Q1. Initial JORC might be Measured 200mt, Indicated 200mt and Inferred 200mt.
• Capital spend will continue at the current rate and funds will be required around April. Some funding will come from the conversion of options.
• There has been high level of interest from end users. Can’t elaborate. No there hasn’t been interest from outside of China. DRC is China’s back yard and the country is driven by the Chinese.
• Emphasis is on maximising the value of the asset and not selling too cheaply so as to get the best results for shareholders.
• Role of Airguide: “They are our link to China. They have introduced a number of parties to us and have been very supportive.
• Political scene: our area is quiet and even a change in leadership (which is not expected) would not be a concern.
• The road upgrade is expected to be complete in 2 years from now.