Ann: More on Large-scale IOCG Targets at Frewena Frontier, NT, page-12

Hi Grub and I am sorry but you are not quite correct. Riqueza is still the most advanced and the flagship project for the company, notwithstanding the bureaucratic delays and hurdles. However, it is also true that the Australian projects, particularly the Frewenas, are significantly increasing in attractiveness and importance for the company. I think that you can also add Jean Elson (although it is clearly not as advanced as the Frewenas as it has not had the benefit of all the work done on both geophysics and drilling by the Federal and NT Governments) to that list.

I see a time, hopefully in the very near future, where we have more than one stand out /flagship project. That is the company's strategy and it is what we have been quietly working towards these last 2-3 years and I am seriously excited by the prospects!! Just think about how good it will be to have multiple, stand out, Tier 1 projects that are at an advanced stage of exploration, with each step adding to the story and increasing the prospectivity of the projects. A great place for us to be and the dream of every junior and it could be the start of a transition from junior to mid tier status, I would think. can't wait as we ramp up critical exploration at all of these projects. Should be a strong and varied news flow this year and the next.