Ann: Mumbwa Project - Kitumba Mineral Resource Update, page-4

This is another in a increasing line of resource downgrades - despite all the money spent on drilling they still don't understand the deposit.

On these revised numbers I don't think this project will ever be economic - all spending on kitumba should stop and overheads should be cut severely. A very small scale program should be continued to test surrounding targets but the c.$12m spend to September is ridiculous for a company with the prospects of IAU. $12m is a huge amount of money to burn through in this market.

What we now have is a cash box with a management team with a history of destruction of shareholder value.

We need new management and a new approach.