Thanks Bryan,The past year has certainly held disappointment and...

Thanks Bryan,

The past year has certainly held disappointment and I have felt pain to my professional judgement as well as my hip pocket. What I find most disappointing is that the company chose not to secure a mechanised single boom drill when they had the funds and ample work for the machine. As well as drilling out stoping blocks quickly, these machines are supposed to be able to efficiently advance the mine development declines and inclines the company has spent much of our money on.

It's water under the bridge now. I don't mind pouring dirty bathwater into the flow, but I'm hanged if I'm throwing the baby out with it. We own substantial resource assets at Hill End and Hargraves and we are giving them away at current prices. For months I have been pointing out that smart money is moving into HEG because of potential M&A activity. The chairman said much the same thing in today's address. (Last para on the second page. For some reason I can't do a cut and paste.)

New investors see what HEG has now rather than what might have been. HEG still has the largest holding in the richest gold belt in NSW. If you are in Sydunny, take a look at the Chapman Collection at the Australian Museum. There, in its own special case is the largest surviving nugget from NSW, The Jubilee. It was picked up at Maitland Bar, at the northern end of HEG's tenements.

If you can wait..... there's more!