Ann: Half Year Accounts, page-3

gse, sorry, you haven't got it right.

The loan by Fritz is backed by a first ranking charge against the existing Kin Mining tenements.

The loan by Waterton has a first-ranking charge against the shares in Navigator.

The loan just recently completed to allow start of production at Lewis, is a second-ranking charge, so will NOT dilute Waterton's interest.

This is all pretty easy to follow, so please don't try to muddy the waters.

Sure this little goldie is doing things differently in an environment where finance for mining start-ups is not easy.

But look how far they have come in less than two years from listing. These guys are experienced in the area, and in getting gold out of the ground inexpensively. They aren't taking big fees - in fact they are putting their own money in to get to production.

If the plans to dig up the dirt at Lewis happen in a timely manner they will have all these financial matters (the loans) behind them in short order.

This shareholder is a strong supporter of the Directors efforts to get the Leonora Gold Project up and running.