Ann: Hay River Project Acquired - Completes Australian Portfolio, page-32

Good to get the MD newsletter today saying 40% of amagrad airborne analysis done on Frewena.

Inca's first mover status in elephant country is so impressive... good to hear East Timor getting a commendation too.

"With the completion of the East Arunta Group Project (the acquisition of Hay River) the portfolio is brimmingwith potential. All were specifically targeted for acquisition because of their tier-1 credentials. MaCauley Creekhosts six porphyry and/or skarn targets, that has been recently doubled from three. The Frewena Group hostsat least four tier-1 IOCG targets. East Arunta hosts least four tier-1 IOCG and/or orogenic gold targets. NOTE: I would include the East Timor Group (Manatuto, Ossu and Paatal) as part of an Australasian portfolio. Theseare long-term applications highly dependent on the development of that country’s Mining Law. Please considerthese projects as non-core assets, potentially valuable, but not our current focus."

Poet