half yearly report

Corporate Activities
�� During November 2007, the Company announced its intention to focus on the development of iron ore projects. As a result, the Company proposes to spin-off its nickel and other assets into a separate entity. Details of the structure of the spin-off and timing have yet to be finalised;
�� The Company commenced and is continuing negotiations with Mineralogy Pty Ltd in order to acquire additional iron ore assets adjacent to its current Balmoral South Iron Ore Project;