Ann: Disclosure Document , page-2

I have only just started having a look through the disclosure document, and I will probably have a complete read over the weekend, however I noticed the following:

Page 4
"The Company is required to convert two of its five exploration licences at the KM Copper Project into mining licences by 26 April 2013. Should the two licences not be converted by that date, the licences will lapse. The Company is currently in the process of applying for these mining licences."

When was this disclosed to the market? I have gone back through previous announcements and last years annual report
report and this was not previously disclosed.

Maybe I am over-reacting but this is a major concern. In the next 8 months VOR has to secure 2 mining licences, and to do this they are forcasting to spend $250k on the mining licence. This would be okay if it looked like they have a reasonable resouce that may eventually be mined.

I have just finished my mapping exercise to work out what drilling has been done and maybe how much resource they have. Considering they focused on finding the source of the mineralisation and continued to drill in the same concentrated location IMO they have not really achieved a significant resource.

Cughur - from what I have worked out the economic area is approx. 150m x 120m and a depth of 70m - about the size of a football field. From all the other drilling they have disclosed there is not a great deal of resource outside this area.

Aranjin - from what I have worked out the economic area is approx. 90m x 60m and a depth of 140m - about the size of a football field (and about the same size as Cughur but with IMO about have the ore). Again, from all the other drilling they have disclosed there is not a great deal of resource outside this area.

The other ears they have drilled have not achieved much of a potential resource, just more places to expand drilling.

Now the comments made in the rights issue announcement start to make sense.

Obviously all IMO.