Ann: Exploration Update on Initial Drilling at Durnings South, page-20

I stated that the last results were mediocre and the level of spruiking accompanying them by management unwelcome and unwarranted. Just because they have an income stream doesn't give the co. a waiver to criticism. Free options for mgmt. with a very low achievement target is another red flag. ATM this co. is being run as a hobby such is the sporadic level of activity evident. The achievements delivered in the last 2 / 3 years is pretty light-on. I don't see any evidence of late in a turnaround to their approach...unfortunately. Rose tinted glasses I have no requirement for when it comes to investment.