Email from Graham McGarry today in reference to the...

Email from Graham McGarry today in reference to the quarterly:

Fellow Shareholder and Interested Parties,

We have released our March quarterly report this morning and it is attached.

You will note that significant shareholder funds have been expended on the pre strip at MacPhersons and in the March quarter first ore has been extracted from the pits.

The ore/waste ratio will improve significantly in the months ahead as we advance beyond the “prospector” workings into fresh ground.

Processing of the ore will commence in late June when the ore cartage contract is finalised.

We will continue to process low grade stockpiles through the June quarter and although grades are low, cash costs are also at the lower end.

The gold price in Aud has slipped back from an all-time high but we remain confident that demand for physical gold from Asia evident in the March quarter will continue as the Chinese real estate market continues to soften.

Timor Leste concession ownership has advanced and the final legal document with Murak Rai (TL Government entity) will be executed in May.

We plan to commence exploration in late May, watch this space!