Ann: Quarterly Cashflow Report, page-2

"The Company advises that during the quarter itcontinued to evaluate and assess a number of exploration and mineral development opportunities withinsuitable operating jurisdictions. At present, the Company has not identified an asset that meets the investmentcriteria for the Company to deliver sufficient shareholder value."

They burnt a far bit of money in the quarter with little to show for it - Estimate for next quarter is $196,000 of which $146,000 is on admin and staff cost and only $50,000 for evaluation - so we can safely assume they do not expect much in the way of projects to evaluate as $50,000 will not go far in any serious project due diligence.  

Not much to show for a fairly solid cash outflow for the 6 months to December - we are fortunate the grant came in to offset the unproductive outgoings.