Ann: Half Yearly Accounts , page-12

Sungar,

I'm not 100% but it says "In line with the Company’s accounting policies, all exploration expenditure other than acquisition and feasibility costs, are written off as incurred during the half year. This has resulted in an operating loss after income tax for the half year ended 30 June 2009 of $5,784,223 (2008:$29,660,997)."

It sounds like it has been written off as expenditure. If we acquired something it should still be there.

Our investments in/to ADH, Fortitude and Quest are what has been written off. They have been negated in whole by an impairment provision. Isn't that a provision for investments/loans that probably aren't recoverable? So sounds like our fortitude and ADH shares have been written off. Again not sure, it would be nice if they could clarify what we actually own, and for that matter what happened to what we used to own!

Maybe they know as soon as they spend any of our money that it is as good as gone. So the company's policy is just to write it off straight away!