Ann: Quarterly Activities & Cashflow Report, page-2

Good results from Feysville:

This short program was successful, not only assisting in geological interpretation but with high-grade
assays returned from each of the holes15. Best assay results included:
• In hole FRC263, 7 metres at 5.81g/t Au from 19 metres including 2 metres at 12.3g/t Au from 19
metres and 1 metre at 10.4g/t Au from 24 metres;
• In hole FRC264, 8 metres at 2.04g/t Au from 32 metres including 1 metre at 12.6g/t Au from 39
metres; and
• In hole FRC265, 12 metres at 2.12g/t Au from 69 metres to end-of-hole (EOH).
RC hole FRC265 ended in gold mineralisation. Given the current understanding of the geometry of the
mineralisation, this was anticipated to occur.

The situation, as I see it, is every new drilling produces great results and expands the initial resource. All the resources are close to infrastructure with consequent cost savings on any development of the resource. With that in mind I would like to see some guidance from the lads as to whether they prefer a mine or a sale in total or part. Some reporting on the Ag resource would also be interesting.