june 2011 - quarterly review, page-5

Just listened to the briefing. Here are some additional points.

1. The level of throughput at 10mt per annum is sustainable. This is above name plate capacity.

2. The June qtr had a significant mtce in June, and still OZL got a good copper production result.

3. OZL wish to convert Cambodia Gold to an inferred resource by the end of this year. (my comment - getting ready to sell it)

4. Labour force is a concern for them. The "skills shortage" is a real issue and they are trying to keep ahead of the game.

5. Significant drilling in the Munda zone will occur over the coming months. This will contribute to a resource upgrade in Nov. (Expect to see a lot more Gold come from this). This upgrade will include a resource for Kalaya.

6. Over the next 2 to 3 years, a lot of drilling will be done to provide data for feasibility studies to extend the mine life beyond the open pit.

7. TB believes he is not under pressure for M & A.

Summary, good qtr, keeping to their strategy, doing what they say they will do. Almost a boring company (like a well run mid tier miner should be - just get on and do he job!!!)

HT1