Ann: Quarterly activities report , page-3

chimera , its all looking Good iether way Production or beit Take over at a later stage ... all good


OVERVIEW
Siana Gold Project, Philippines
** Site construction commenced
mine access road, administration building,
** 25 inch dewatering bores
** Major plant equipment ordered
2.8MW mill due in 23 weeks
** Open pit mine contract awarded to Delta Earthmoving Inc.
fleet mobilising to site
** EPCM contract 37 of141 tender packages issued
*** First gold pour on schedule for April 2011
Mapawa MPSA
** Porphyry potential confirmed, exploration accelerated,
3 rigs on site
** Porphyry hole MDD003 records 254 metre intersection
at 1.2 g/t gold and 0.16% copper
** Oxide holes MDD004, 005 completed assays awaited,
3 holes in progress

Corporate
** Siana and Mapawa ownership simplified and company
restructure completed
** New substantial shareholder Baker Steel Capital Managers
Finance
** Cash position (no debt) $ 57.6 million (unaudited) at period close
Siana capital expenditure committed $15.5 million
** Deutsche Bank/Ashmore Group debt funding package imminent
Greg Edwards
Managing Director
23 July 2010