Ann: Ballarat Gold Project - Mine Plan Update , page-2

Disappointing result for shareholders. One would have thought the below curtailing of non-core activities and specific focus probably should have come earlier.

"Projected forward, and without changes to the mine plan, the original objective of reaching the Mako Lode in the Lower Llanberris compartment would not be realized on current cash reserves. The Company had $9.96 million cash as at 31 October 2011.

The Board has therefore determined that it is necessary to curtail activities outside of the core focus of accessing and mining the Mako Lode in the Llanberris compartment in order to demonstrate whether or not there does exist at the northern end of the prospective Ballarat goldfield sufficient mineralisation to sustain a profitable modern mining operation."