Ann: Quarterly Report and Activity Statement, page-2

I think this is a good operational report. It contains many updates to questions that Shareholders have been asking or were curious to learn more about (including myself).

As always, timing is everything. It is a very good thing to release this Quarterly report, after a Sales announcement. The sun is shining a bit more brightly for Shareholders and the birds are singing !

Whilst IL has always issued reports of utmost professionalism, what strikes me about this report is the depth and breadth of operations, and the many irons in the fire. Still a long way to go, and I suspect some avenues will not proceed as none of them are particularly easy, but full marks for initiative. As for Sales and delivery, well the recent sale and the work and preparation for the next sale are most positive.

Having been burned many times in the mining sector, experience has taught me to be a bit more conservative. But after reading this report I am changing my sentiment from Hold to Buy, albeit acknowledging a) this is a higher risk sector, and b) the potential longer term wait for SP growth (based on growth in sales).

IMO it looks to me like ABX Shareholders will have a decidedly bright future.

GLTH