Ann: Extension to Inca Rights Issue Offer Period, page-10

I think you've done the right thing and I'm pleased you've increased your holding by 50%. Without doubt the combined Humaspunco, Uchpanga, Colina Roja, Pampa Coral and Cerro Rayas package is worth a punt on and the 10+ bagger potential is there (with only a Tier 2 result - and there are plenty of Companies interested in Tier 2 development projects in Peru).

Companies have p... about in this locality for years and what is needed is a sustained modern exploration effort in this obviously prospective area. It's good to see geophysics on the horizon and I'd like to see an accelerated, stronger, drilling programme. Based on their track record in the past 18 months, I have no doubt that Ross and the Peru team will find more prospects in the new areas. My main concern is maintaining quality output from the team in Peru and the longer Ross is on the ground in Peru, the happier I am.

ICG and Ross need our backing and most importantly we need to attract new shareholders. I think the "Company Release" was a mistake, and yes the 0.6c offer level is painful, but if it attracts a good number of new shareholders and gets them off to a good start, as I fully expect it to do, then the pain will have been worthwhile.