future activities

Had a brief correspondence with CEO Kevin Grice yesterday in regards to future movements and obtained the following:

* Agate Creek drilling may not go ahead as planned (financial pressures), but the Sydney Flats project (Uralla) has had samples taken and they are being analysed in Tasmania (alluvial gold needs a specialised analysis).

* Selling their coal interests remains a priority in order to generate cash flow, no reasonable offers have been received over last 4 years. NEC (New Hope) continue to assess Ashford and is sitting on the fence on what they want to do because they have alot of other projects on their plate as well.

* Gold is obviously the main concentration atm, they had expected to be granted the areas applied for in NZ by now, but the NZ Crown Minerals is behind in progressing applications so no answer is expected till at least January 2012.

*In regards to the feasibility studies, priorities have changed with the acquisition of the Sydney Flats. If good results come back, they will consider an operation there due to its low cost for infrastructure, and potential for rapid cash flow in order to enhance other projects.

* Cash is obviously the hurdle (fairly important obviously :P), Mr Bizzell continues his support but there may be plans in the future for additional equity raising to reduce the companies reliance on him.

I was impressed with Kevin's response to my query, and we all know its a wait and see for now. Theres not alot we can do without having the cash to do it.

Bottom draw it for now I think.