Ann: Notice of Annual General Meeting, page-26

I hope what I'm seeing is not what we are going to get.

The talk about becoming an Explorer, Developer and asking for the approval to place additional shares to fund Exploration and Administration costs together with appointing a new chairman with Exploration Company experience seems to indicate that the strategic direction is to take us on a journey where The Management Team can be kept in tact and they can carry on taking us down an uncertain path funded by capital.

Your are right we have huge assets sitting there waiting for some ore to process.

Rather than thinking about keeping the management team in tact based on a new direction for the company and raising more capital, management and the board need to be totally focused on eliminating all unnecessary costs except those required to get the UG up and running. Restoring positive cash flow has to be top priority before any thought of having a management team capable of exploring anything other than the permitted areas.

I think replacing Tony Bruer with an Exploration Expert is not a sensible thing to do when the big task ahead is getting the UG mine development funded in a way that doesn't screw existing shareholders.

I also hope that the other tenderers for the PHES scheme are being courted with a view to having a contract in place so that the PHES scheme can be developed in conjunction with mining under the pit.