Ann: Quarterly Activities Report and Appendix 5B , page-13

re: Ann: Quarterly Activities Report and Appe... As suspected, money is low again with just $433k in the bank.

With a 52 hole Proposed RC Drilling Program (not started as far as I can see)for Chowa and a 40 hole Proposed RC Drilling Program for Peco. All due to be completed in the next 61 days (Completed in current "Q")a fleet of RC rigs would be needed.

More money needed..
Mining activities are anticipated to commence in May 2012 following the purchase of the additional mining equipment and fleet and optimisation work completed during the Quarter.

$433 will not last 5 minutes and would only cover admin. ($447) and their Estimated cash outflows for next quarter is $1m.

Either this structured debt facility is close or you with see another C/R and soon. Any delays with this will blow these time lines out of the water.

I note the rainy season is mentioned and has caused problems.

1/ Open pit mining activities at the Emmanuel Project and in the Chowa Open Pit were limited in the Quarter whilst further mine optimisation studies were being undertaken and additional mining equipment was purchased and arrived on site. De-watering of the Chowa Open Pit, where water levels increased during the Quarter as a result of the rainy season

2/ Exploration during the Quarter was again focused on a broader interpretation of the structural geology across the whole project area, given the impact of the rainy season which limited field activities.