Ann: Improved Offer from Rua and Postponement of General Meeting, page-19

The revised RUA offer is good news and the raise at 20c is encouraging.

RUA are very keen to get our land package as it allows for a much simpler and stronger negotiation with an eventual tie with Federation which is ultimately the best result for all parties...

In saying that I can see from Federations point of view they really don't want a RUA/SNG tie up as it means they will be a weaker proposition to secure.

As a SNG holder the deal structure from RUA is good as it still gives us the upside with Federation as we will become holders of RUA and keep the exciting Sams Creek project for ourselves to develop.

If Federation or OceanaGold come in with a cash offer of 20c they can have my shares...