Announcements due, page-9

Selling has partly been the result of slipping time lines and the need for constant cash top-ups that are spent with little material progress to show for it! Eventually, the SP will take care of itself but only when there are significant developments that add intrinsic value to the projects. Short term spikes are a result of speculation...once the bulls and traders run out of cash, down it comes again.

Aura's projects are excellent but the record for getting things done is poor so far. With Aura to date, the only way for the investor to overcome opportunity cost and dilution has been to continually tip more money in...that has to come from somewhere! The pattern becomes all too familiar and long term holders pay the biggest price during this dilutionary cycle.

Zubana, even if they withhold spending on Tasiast and Tiris temporarily to pursue a new corporate structure and listing for Haggan, these things don't come cheap and normal administration costs are around $100k/month if I'm not mistaken. It is unlikely that any early deals on Haggan would be in Aura's favour.

Whatever news comes, if large holders are selling, they must be reengaged and given confidence that management have what it takes to deliver. If there is to be a raising, get it done before CGT selling begins in earnest. With sufficient funds to get the DFS done, pursue the Haggan IPO and drill Tasiast, there will be far less reason for any holder to sell the rises.

I am still fully supportive of management, Aura and the excellent projects but the time for talk is over.