Ann: Response to ASX Query Letter, page-10

I hope both ASIC and ASX focus on the Board, especially the MD, who has shown no zeal to get this company going. We keep reading "ready for gold production, substantial reserves, etc., year after year, but nothing has happened. ASX is correct in querying (and has been late in their follow-up) in questioning the MD's annual salary of $600k pa for so many years now, and what has he or his Board got to show for it? Not much at all.

I am asking ASIC and ASX not to lose their attention on CTO. There's hardly any transparency from the Board, & I, for one, am sick and tired of it.