Ann: Chairman's Address to Shareholders, page-70

I cannot believe the fall is based around hedging wasn’t no great issue when the share price was at $5.70 2-3 years ago n othing has changed other they have got bigger more ground more gold. There was a notice in wa paper that Regis has placed intention of notice for another mining lease that I believe covers 64 sq Klms up near Duketon. With over 200mil in cash and gold over 370 ,000 oz mined this year and a projected 460 + next year I have ventured up through there for a number of. Years. As stated in a earlier post they owner most leases between Lavington and old duketon that’s about. 100 k both sides of the road going out. There big and not going know where. The problem I see they do not sell it enough. Maybe there something going on beyond the seems like a buy out we will see in the mean time I’m reducing my average