Ann: Notice of General Meeting/Proxy Form, page-11

Not at all unusual for the mine to be owned by company x and operated by company y. Company x may own many tenements, explore and discover then contract out mining and processing expertise for example. There are many reasons why they may choose to contract it out. Would not be surprised to find it’s a third party doing all the digging to provide the feed for the plant. It does appear a little odd at first but company x only has to deal with company y in a minimal fashion, company y has to deal with all the issues that arise from having staff and machinery, rosters, administration and so on. Company x only has to see that company y meets it’s targets, it’s companies y’s problem to deal with the day to day bull dust so it can meet its targets.
So Gold Valley just sit back pay a few bills and watch the cash roll in and check set targets are being met. IOR has to do all the hard yards to watch 5-7% roll in, in basic terms. This then frees up Gold Valley to do other things like more exploration elsewhere for example.