Ann: BTR: Cazaly exercise option for Goongarrie Gold Project JV, page-4

This is a big last roll of the dice with the current funding envelope. I dont want to talk this one up, so just the facts.

- They already know where to drill and have targets to twin and put depth next to.
- Its a good climate for gold.
- Costs and sovereign risk issues are lower
- Existing and well established gold zone . . right near a big f'off road and processing facilities.

But . . risks. Its an unorthodox drill environment

Guys and gals. I dont have a crystal ball on this except to say we are all in this at the bottom and lets see where this goes.