Ann: Cancellation of Options and Performance Rights, page-2

Very disappointing.

They clearly thought they were going to do much better than they have, and that their share price as a result would be much higher.

They raised capital at 55 cents but results have not been great so far and the share price and market has reacted accordingly.

Buying old mines can be problematic, some good, some not so.

I'm sure they'll keep plugging away though, they have big plans and desires.

What you normally find now is that the directors issue themselves new performance shares and options at much lower prices, so they end up getting them anyway.

They usually get shareholders to then vote in favour of them at the next AGM or EGM.

Directors rarely lose out, they can adjust their unlisted options and performance bonuses to whatever they want really, justified by saying that the audit and remuneration committee approved it, in other words, they approved it themselves.

Or, if they are really crafty, they tell shareholders they've hired an independent rolleyes person or group to calculate the lower performance option prices for them, but does that really fool anyone?

Watch for the upcoming announcements, probably also late on a Friday evening.

I'd much rather they just find more gold.

Gw