Ann: Golden Horse Minerals Priority Offer to Emerald Shareholders, page-3

Dear Franna,

EMR sold the Southern Cross Gold Project tenements to Golden Horse Minerals. Golden Horse is offerening EMR shareholders the opportunity to pay 25c a share to get back on board with the tenements 'we' use to control. Golden Horse want to raise about $16M, plus a possible $2M in oversubscriptions. From the reposrt included in the prospectus, it appears it will take a bit of time to bring all the data together, update target indentification and then complete decent metres of drilling. Looks to be a largely gold and lithium play. I've taken a few screenshots from the prospectus which seem to capture the next 18 months' plans. Golden Horse have brought a lot of tenements around Southern Cross together and must now try and identify the most prospective targets. It seems largely shallowly drilled, so could be extensive given time and money.

Need time and patience it seems. I'm not sure I'll get on board now, although EMR will own about 20% of the Golden Horse from what the prospectus states. It also seems that EMR has decided to focus on the NLGP and Cambodia, and is letting Golden Horse focus on this part of WA, which makes complete sense whilst having an interest in the land.