Ann: Share Purchase Plan - Shareholders Invitation to Participate, page-14

I have decided NOT to participate in this 24 cent capital raising, for many reasons.

Had it have been at 20 cents then I might have been inclined, though not enthusiastically.

They have been at this for 6 years, and the results have been slow, while the executive remuneration has been too high for a small-cap to justify shareholders putting further money into their pockets.

If the raising was done like the recent GMD raising, for the purchase of potentially valuable new tenements near the projects, then I might have participated, but as far as I can see it, this raising is for nothing more than deeper drilling, which I'm ambivalent about, so I'm not participating.

Good luck to the true believers, and thank goodness for the blossoming spot gold price.

Gw