Ann: Annual Report to shareholders, page-7

I agree Sutto that the regional approach has been good however as you said we have been at it for nearly two years and there has been no movement towards taking the next step and putting in some deeper holes into some of these prospects. Now I believe in being prudent however there simply seems to be no motivation to drill any of these potential company makers. Really 6-8 months or perhaps a little longer should have been ample time to take a regional assessment of the projects and then start to drill some of them with our own drill rig which is probably sitting in a warehouse somewhere collecting dust as I write.

The only reason that I can possibly come up with for not drilling some of these prospects is that exploration costs money and as money gets lower those that receive money from administration put the brakes on exploration so that the money continues to flow into administration. It seems to me that Sabre is an administration cash cow rather than an exploration company. Happy to be proven wrong there but in my book actions always speak louder than words.

Dr West, looking back it is a crying shame for shareholders that the $10 mill wasn't spent better from the first instance however as you possibly alluded to one could speculate that Guchab may have been drilled to get a JORC that would satisfy the JORC requirements of the acquisition agreement for Guchab tenement and provide the vendor, our corporate manager at the time Jim del Piano another large parcel of shares.

JV partners would be great as it may actually lead to genuine exploration and greater transparency around Sabre however I don't think that the current arrangements, track record and possibly our companies association and control by certain parties is going to help in doing any deals. Once again happy to be proven wrong and for Sabre to take steps in this direction but I am not confident.