Ann: NSW Projects Exploration Update, page-6

Amigos, it may not be one of those discovery announcements that gets everyone excited, but there is plenty to like here. Firstly, the new MD and team have looked at the old cores and found 15 historic diamond drillings then re-assayed where necessary. Those drills were about 500 m in length and on todays' measure would have cost at least $100,000 each, which means 15 x $100K = $1.5 million saved in drilling costs. The assays of those drill cores were significant - Au equivalnt was simliar in grade to the JORC. The assays will result in an increase in the JORC and we can see the extension if we look at a map of the current JORC resource (Map 1) and compare it to the map from today's announcement (Map 2). You will notice that the blue intercepts of Map 2 are to the north of Toms and Spicers Lodes. These new intercepts extend the orebody at depth to the north - no need to drill those holes again. So, in the 2 months the new MD & team have been in the seat, she has been working and saving the company's funds. Well done team.

Map 1 (below): The map of the existing JORC resource


Map 2 (below): The extra data from today's announcement