29 January 2008 Manager Announcements Company Announcements Office Australian Securities Exchange Limited 4th Floor 20 Bridge Street Sydney NSW 2000 Dear Sir SUMMARY OF ANNOUNCEMENT Approach to the Company. DETAILS OF ANNOUNCEMENT The Directors announce that on 24 January 2008 they received a non-binding, confidential approach from a West Australian company seeking to gain control of the Company and replace the capital to be issued by the Company in the second tranche of the recent placement. The proposal also included an intention to further develop the Company's iron ore tenement in Western Australia and dispose of all of the Company’s gold assets. The board gave the proposal careful consideration and determined it was inferior to the capital raising and iron-ore focussed works program it had previously adopted and was not superior to the merger proposal it had previously received from Ellendale Resources NL. Yours faithfully PETER LEE Company Secretary M:\Documents\
GNL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held