Ann: Quarterly Activities and Cashflow Report, page-5

Patience is a virtue. Re-read last quarterly.

Great Western Update - Divestment discussion have continued now that the pit scheduling work has been completed. Severalgroups have signed a confidentiality agreement and are currently conducting due diligence. Terrain is currently in very advanced discussionswith one of these groups regarding a full sale of Great Western. Studies continue to move the project towards a mining ready status.Other BusinessProject ReviewTerrain Minerals is currently searching and has been assessing potential ‘company making’ projects:Gold, nickel, copper and bauxite as well as other energy and industrial minerals in Australia, Africa, North & South America (including other regions). All economic com
modities are being considered as indicated in previous Quarterly reports. Exploration activities in WA will continue to be advanced and several WA based gold projects are currently being reviewed.

Either partial or full sale of GW to fund other 'company making' projects.

IMO a JV or partial sale and an acquisition on top. We await!