Ann: Quarterly Report and Appendix 5B, page-2

Okay so it would appear that with the final sale of Burbanks achieved for $5.2 million by the time that various debts and repayments are made that the money in the bank at present sits at $1.7 million. That is if my quick glance over the Appendix 5B has interpreted the position correctly.

The other positive things in the report are the mention of at least two key activities that would see further substantial amounts of cash flowing in once certain milestones are reached.

• The Yandal project (Flushing Meadows) offers a $200,000 payment once gold production is started with the potential of a total of $4 million royalty through the life of the agreement.
• The Adelaide Hills project (Bird in the Hand) where again MXR has the potential to gain $2 million plus in royalties once certain milestones are achieved.

Then there is the potential for MXR to prove up something worthwhile in some of its gold prospects plus that possible other project (at the moment some polymetallic overseas project presently under investigation)

Does this QR represent a watershed moment in MXR's existence. Let's hope so. It is overdue.