Ann: June Quarter 2009 Activities and Cashflow Re, page-49

re: Ann: June Quarter 2009 Activities and Cas... HT,

"Two issues from the qtly that concerned me with PNA was
a) the neg cash flow for the qtr ( - $11M) and
b) cash on hand of only $36M will potentially restrict any rapid development of future growth projects."

The qtly doe not include the cash to be received for the Gram investment of US$170m. Also explains why the shares on issue are only 2.3m as Gram don't have their shares allocated yet. This will be finalsedy next qtr so cash position will b a lot healthier.