Ann: AGM Presentation , page-9

Wickerman,

There was a brief conversation in the Q&A of a possible US listings. ELK had started the conversation and are investigating the costs involved. The benefit would be to give ELK relevance when approaching JV partners & banks for funding etc.

I didnt get the impression that this will happen in the short term.

There was also discussion on whether s/h would support a high risk/high reward acquisition for approx USD2m with the $9m in the kitty. Most said that they would not support this deviation from our corporate strategy.