nuenco management statement, page-6

Macrae12,

I am aware of the history of fundraisings/consolidations and being a current shareholder (along with many of my supporters) well aware of the share price and sympathise with all in that regard. I am unable to comment on the past events. My efforts are soley being directed to bringing value to shareholders. I think we have in part achieved significant success with respect to bullseye, only time will tell.

My option package was negotiated with the Board and supported by major shareholders to ensure I am focussed on delivering value to the company. The value of these options is dependent on positive results and returning value to all shareholders.

With the current state of the financial markets and the falling by the wayside of many explorers into administrations, Nuenco now has a positive revenue stream that will enable it to weather the storm, capital to manage current obligations and a significant asset base to capitalise on.

Once again I recommend that shareholders look at the milestones achieved of late and our asset portfolio as opposed to current share prices.

Your attendance is welcomed at the AGM tomorrow.

Regards

Mark