Ann: Company Update , page-2

I thought I’d try and add some colour to this latest announcement. In particular the statement “With regards to non operational issues, the Company is also in third party discussions with a potential strategic partner who are looking to take an active role in the development of Norseman Gold. They have experience in operating at Norseman, particularly the Harlequin and Bullen mines and therefore understand the ore bodies and their potential.” is intriguing. Who is this likely to be?

The Norseman mine was owned (and operated) by Croesus Mining NL between February 2002 and June 2006, after which when Croesus went into administration. Croesus Mining NL therefore had experience operating Norseman. In 1969 Croesus Mining NL changed its name to SIRIUS RESOURCES NL. (SIR). Unfortunately SIR currently has a market cap of about $10m, so it doesn’t look like SIR would have the financial muscle to be a strategic partner for Norseman gold.

However the path looked promising. I also note that there is also a private company called Croesus Mining Pty Ltd (website http://www.croesus.com.au/) and A Mr Steinepreis (our new Chairman perhaps) is currently a representative for this company. The website includes the following quote. “On behalf of Croesus Mining and its owners, Mr Steinepreis will be seeking resources projects in Europe for Croesus Mining through his UK contacts.” I realise that the Norsemen gold mine is not in Europe (obviously!), but for me it’s not too much of a stretch to wonder if this private company is not the “potential strategic partner” referred to the Norseman’s announcement

Any thoughts?