chairman's address to agm

2009 Annual General Meeting
Chairman’s Address
This meeting finds us in the midst of a busy and exciting investigation of the
economic feasibility of the Wonawinta silver project. An update by Ian
Lawrence on our progress and results to date will immediately follow my
introductory remarks, so I won’t say more on this now.
This activity has been made possible by the successful raising of $3.5M new
capital around the end of the 08/09 financial year. We are most grateful for
the assistance of Melbourne Capital and the support of our shareholders in
achieving this result.
Despite the woes caused by the global financial crisis, these are very good
times for a company hoping to develop a silver mine. The silver price in
Australian dollar terms has increased from $14.81 in July 2007 to $19.60 in
recent days, an increase of more than 30%. Prices for Pb and Zn have also
improved from the depths plumbed in 2008 and are now at levels well above
those prevailing earlier in the decade.
We remain confident in the potential of our exploration projects to the north
of Wonawinta, particularly the fault corridors which link Wonawinta with the
Gundaroo and Jackermaroo prospects. Activity on these projects will remain
at low levels for the time being while we focus our resources on a successful
development at Wonawinta.
I will now ask Managing Director, Ian Lawrence, to describe the current status
of the Wonawinta Project, after which we will deal with the formal business of
the meeting.