Ann: Suspension from Quotation, page-65

Firstly welcome to HotCopper, as you are not Gaz. Obvious, as well written and no abuse. Someone in the top 20? Andre? Director Wills?
Either way welcome "NotGaz".

Anyhow, while you are here some points:

1. There is no ore reserve, and therefore no NPV certainty. The prime reason against being able to participate in govt grants or get funding from investors.

2. The fact the company stated it had a BFS (therefore had an ore reserve) from the MD's 2010 investor presentation onwards for the next 10 years, and arguing with investors who contradicted this, to later backing down and agreeing they had no ore reserve, and project was still in pre-feasibilty stage, as it was in 2002 shows a big problem.

3. Was it prudent to announce appointments of mining contractors and port offtakes?

4. If it was serious about Winchester then the Sundance sagas would not have eventuated, where the existing mine has no ore left, the low grade was previously tested and no where near economic, even today, and the missing 150 tonnes of oversize has turned into an investigation. The costs to get permits, rock break, transport and process it leaves little profit. Efforts that should be put into Winchester next door. It raises questions of why KOR only started this saga after it was pointed out here that the site had been rehabilitated, and infrastructure built years before, for other purposes. It's not prudent to simply say you'll reopen a gold mine. What's the plan, permits, timeframes and the NPV? Tell us you have it? Where is this project up to? MMP progress?

5. As for innovation, the company has one staff member to cover numerous professional roles. Everyone else has metallurgists, mining engineers, geologists, enviros, civil engineers, secretaries, and various consultants. Yep that's working.

Lastly please tell me the positives of each of the following, and feel free to point out innovation and prudent actions where you see them NotGaz:
a) HQ closed for years
b) Winchester, Geolsec, Sundance to be fast tracked from approx 5 years ago
c) MMP's not lodged
d) Last cap raise $1.8m and no drilling, no ore reserve, no reportable results....
e) ASX suspension
f) Current focus on grass roots exploration (not mining)

So what's gonna happen to the next $4.5m??

That's why I don't agree with the board. That's why I think the focus is elsewhere.