Ann: Update Top 20 Registered Shareholders, page-13

We really need a lot more shareholders on the register to get some liquidity happening. Without liquidity, it's only the true believers that are willing to dabble. The true believers of course don't want to sell, so there is a tight top 20 and no liquidity. Paul's publicity crusade and Stu Crow's entrance may address this somewhat over time as speculators dribble in.

The downside of rights issues is that it doesn't expand the register, so it's not working towards gaining liquidity in the shares.

At some point it may be beneficial to do a small external cap raise with a mining focused broker to try to bring 200 to 300 new investors onto the register. Perhaps while good news is flowing after drill results and during the PFS?