Ann: Bendigo Assets Option Replaced With Right of, page-5

re: Ann: CYL: Bendigo Assets Option Replaced ... Yes - It was a great deal for UML. "It provided the opportunity to realise value from the Bendigo Assets whilst still retaining significant upside exposure to the field as well as participating in a potential new gold mine..." (Andrew McIIwain UML MD/CEO Joint announcement dated 1/02/12).

UML's strategy was to exit Bendigo whilst retaining potential upside to what could well prove up to be a spectacular new virgin domestic gold discovery!