quarterly out.. drilling at gambang commenced.

Main Points.

- gold royalties commenced with Reefton. First 1062 ounces delivered (approx A4M/year income)

- buy back completed (OPES Prime mess gone) 3.3M shares cancelled.

- with plenty of money still in the bank (A5.8M)

- drilling on two fronts in the Philippines. (Gambang, Pao)

- More royalties due onstream in next 6-9 months. (Mt Kelly (copper) and Mt Garnet)

- Anglo joins the top shareholders list.
Oxiana 18.7%
Directors 14.9%
Anglo Pacific 9.3%
Riomin Gold 6.8%

This stock is so undervalued at A21M market cap with royalty income already at 4M per annum...