Ann: Results of Meeting , page-3

@oyabun,

The sarga has finished... Looks like Tay will be moving to WA, as well as moving the office to WA. Also, costs will be reduced. We have new Directors' Tay, Oh and Revell... finally!

Also: (Tay statement in ASX Report 3rd Feb 2011)...

Strategy going forward

(a) The Company is not of a size that warrants the cost and administration of having six Directors. The shareholders? funds should be better applied to the
Company?s exploration and operational activities.
(b) Messrs Carson and Levy reside in Sydney but the Company?s focus is now on its interests in the Pilbara. For logistical and economic reasons, the majority of the Directors should be based in Western Australia, and the administration office located in Perth. Mr Tay recognised the need to fast track the Company?s exploration programs and the importance of establishing a WA based management team for cost efficiencies.
(c) Mr Levy is the current full time managing director of a New South Wales based bauxite exploration company, and may therefore have conflicting issues such as not being able to provide the due time and attention needed in his role as Chairman.
(d) The Company Secretary and Director Mr Graham Anderson currently sits on the boards of five other companies and also runs an accounting practice.
He therefore is not able to provide the due time and attention needed in
his role as Director and Company Secretary and has stated that he will not seek re-election as Director when his current term expires.
(e) Messrs Tay and Oh have a good working relationship and retain between them the necessary mutual trust and confidence to remain on the Board.

Strategy going forward

Messrs Oh and Tay, in conjunction with their proposed non-executive technical director, Mr Revell, propose the Company?s broad strategy for the future to be as
follows:
(a) with the unanimous approval of the Board, independently establish a professional and efficient management team based in Western Australia;
(b) accelerate the Company?s exploration program on its Prairie Downs project in the Pilbara;
(c) consider divesting the Company?s non-core assets in a manner which would extract value for the Company and Shareholders;
(d) complete the Company?s existing detrital iron beneficiation study in relation to the Company?s Prairie Downs project; and
(e) undertake corporate promotion of the Company to various Australian and overseas institutions.