Ann: Quarterly Activities Report, page-2

Well,..."activities report" is a huge misnomer for this document. Laughable really. Let's face it there were no activities. The so called "reviewing of other opportunities", well, that's most likely been a few board lunches. Really, the only real expense here is "administration" - director fees, board lunches, etc.

I think most of us realise this is nothing but a shell at this stage. But, even with a shell, at least attempt to do something, anything! This company has done absolutely nothing for at least 2 years (but closer to 4 years I suspect). For God sake, just get some back bone board and do something. Find a new project, raise more capital and get going - start making shareholders some money. Most shareholders (and I am one), accept that we should have never invested in this company but we did - my own stupid fault. However, at this stage, it is up to you as a Board to get something going - to do something. Stop just sitting there collecting your fees for doing sfa.

If you are stumped or don't know how to restructure a company (or don't have access to new projects) that's ok too, just resign and lets get some people with a bit of commercial vision and experience in there to give this another crack.

In my mind, mining ain't coming good over the short to medium turn so go explore opportunities in IT, Pharma, Industrials, burger making for all I care. Just do something!

Likely result however is that nothing changes, this is another life style company for directors it appears and only when the cash is really gone, will they come up with some sort of plausible story on which to do a rights issue or other placement. However, whatever story they spin next, will not mean there is any thing tangible actually happening.

This thing needs serious change imo.