Ann: 2011 Gold Symposium Presentation , page-2

Definitely a toning down in the use of enthusiastic buzzwords from previous presentations, which could be indicative that we are in for a period of consolidation, with more emphasis on production and cutting operating costs to improve profitability and cash flow.

Think the presentation is a realisation that the market reacted adversely to the lower than expected production figures from Three Mile Hill and the fact that to date Focus has failed to gain full control of CRE.

Notice that there was no real emphasis given to Treasure Island or Chatterbox exploration, which also illustrates an appreciation that any anticipation needs to be tempered with the fact that such exploration is going to take time, especially as assay results are being delayed by the large volume of samples from a host of mining companies in WA awaiting testing.

In all I would say it was a measured presentation, giving a hint of a good December quarter.

Do wish that they would keep CRE aspects separate from FML so that there is an unambiguous separation between what FML and CRE are doing – a point I think that will be raised at the AGM.

Cheers, kentwang