chairmans report

Chairman's report:

http://sa.iguana2.com/cache/65ef4db5d236204a7f0a75a276bc0555/ASX-TRO-432295.pdf

JORC compliant zinc dominant resources of 16.7Mt at Lewis Ponds and Woodlawn Underground, as well as potential for a further 10 Mt to be defined for the Woodlawn tailings. We expect to grow this resource potential over time;
• Based upon these estimates your Company has contained metal in resources and potential resources which could exceed A$10 billion; and
• A long term strategy in place to ensure further growth over time by acquiring a significant interest in the Woodlawn District zinc province in its own right as well as with joint venture partners.

Total shares: 76.43 mill

Unlisted options: 6.345 mill of which 5.845 mill in 2009-2011 conversion. (That leaves 0.5 mill for Nov 2006 conversion).

Gerry