agm, page-4

quite small attendance at the AGM and only 2 questions asked, by the same guy.

One of the questions was about the options, whether they were still in place. The response from the board was something like, the options are still available and they still get on well with the vendors and still talk. But at some stage they will have to make their mind up one way or the other, and at the moment their focus is the 3 current projects.

The impression I got from that was that the options have expired and would have to be renegotiated and the vendors are no longer bound to sell to KRL. However at this stage the vendors have not indicated they intend to sell to anyone else. That was just my interpretation of the answer given by the board.

The other question was to the effect of, with the breakdown of the relationship between Bayan and WEC re: Tabang, whether this would impact on KRL and development of Pakar.

The way I understood it, the question was directed at whether Bayan would continue with development of Pakar South but in true politician style I don't think the question was answered although the guy asking the question didn't push it any further.

Basically the board said that they are still working through things with WEC, there is the minimum pricing by the government, with Pakar there is Pakar North and Pakar South (no kidding...), and Bayan will move forward with KRL. My guess, and it is just a guess, is that the announced plans to mine Pakar South have been abandoned and they will wait for Pakar North.