Ann: Quarterly Activities and Cashflow Report , page-2

Quite a comprehensive quarterly report and reads very well IMO, with the key take-outs:

Remains on track to report maiden JORC in September 2012

Early metallurgical results have proven ENCOURAGING

The RC drilling program is planned to RESUME in late July/early August

Commenced a detailed metallurgical program to determine a preliminary flow sheet and product specifications to be used in discussions with potential OFF-TAKE PARTNERS

Preliminary test work has returned results reinforcing the Co's view that the material is UNLIKELY to consume significant energy within the crushing and grinding process

High level study to be undertaken to standards that conform with potential EQUITY and DEBT FINANCIERS' requirements

CASH and investments of $4.116m (last quarter spend was $1.974m).