company discussion update

Hey all

Had a chat with Peter. Main points were:

Money: Expects the current funds to last until October 2012...so no need for CR. The only unknown is the amount of fuel the new rigs will use, that could alter the fact. ONce we have our own barge FNT will be self sufficient for all drilling operations at Andewa. - therefore no capital outlays required.

Big Rigs: WIll be commissioned in December and will be running ASAP. Currently determining drill targets. Peter hasn't drilled a highly prospective spot as he's been waiting for the bigger rigs to do it properly the first time, as its runs too deep for current rigs. They will have enough manpower to run all rigs at once. He's also hoping the newer rigs will have more grunt and therefore drill faster. Though currently they are about 30% faster in their drilling speed than nearby drilling by Barrets.

Targets and analysis: . He is also currently refining the drilling strategy on results to target higher grades. He's is building a much better understanding of the geology of the deposit. We discussed the higher grades on the shoulders of at Komson from earlier drilling. Also indicated the assumptions by inexperienced people on what the anomaly report shows ...ie massive grade gold everyone hurt the SP somewhat.

Weather: The monsoon winds affecting Andewa are coming to end, though eh said it has its own microclimate, so the weather wont be an issue soon.

SP: Had a chat about the chat price, obviously out of his control, Was hurt by a couple of large holders exiting in a hurry and general market conditions. We all know the result.

Presentation: Was provided to a few brokers and interested individuals as a request by other shareholders, so the company is still be being promoted in investors circles by word of mouth...certainly positive. Expects the PS to recover as the news continues. and people come to understand what is at Andewa. But more drilling required.

IP Tasmania - is currently underway with all lines cut and good progress being made on the actual scan. Drilling is progressing on target to upgrade the resource

.Anyone have anything else to ad?