HGO FUTURE, page-3

I'm very confused and disappointed having been told we are no longer a Producer and our new strategic direction Is Explorer Developer. Which is of course a value investors nightmare. The statistics would lead me to the conclusion that I'd be better off trying to pick a Melbourne Cup winner.

We need a board that is firmly committed to canning all expenditure that is not leading to a restart of mining and cash generation.

I can only hope that I'm putting too much emphasis on the words and worrying too much about the associated appointment of Derek Carter and his track record and that our new direction is firmly focused on exploring to quantify the known resources under the Giant and Nugent pits which we have mining approvals to exploit and the Developer tag is referring to developing those two underground mines ASAP using Derek Carters proven ability to attract a joint venture mining partner who can bring certainty to the mining cost which was where Management failed miserably on the giant pit.

The other thing that concerns me is the timing of the Annual General meeting.

We normally get the March Quaterly update on or very close to the 30th of April and have time to evaluate that before an Annual General meeting around the 24th of May, close to the end of the five month deadline.

Last year both things happened on the 30th April.

I hope that we get the quarterly update and know the cash position at the end of March before the proposed meeting on the 24 th of April. Why is there so much urgency to hold the AGM? If it wasn't until the end of May as is normally the case there is every likelihood that those who wanted to attend could do so.