re: tokyo what a joke I see that the boys gave themselves a lod...

re: tokyo what a joke I see that the boys gave themselves a lod of director options at the last AGM.

Basically the Allegiance block voting for those resolutions.

If ever a bunch of directors don't deserve an option package it is these guys.

They have done nothing.

As an example, I has a look at their website which is predominantly displayed on their letters to the ASX announcing the change in Directors interests.

As you see, the website has not been updated in 4-5 years. The last annual report listed is 2002 and they talk of the 2000 share structure.

It does not closely resemble their activities.

Check this disgrace out....




The Company Focus
Gullewa Limited is A Western Australian based gold and base metals exploration company.

The Company¹s tenements are located in prospective Gullewa Greenstone Belt situated in the Archaean Murchison Province, 400 kilometres north of Perth.

Corporate objectives are to create shareholder wealth by expanding the mineral reserves at Gullewa. This is being achieved by utilising the extensive technical database together with appropriate exploration techniques.

The viability of any future mining operation at Gullewa is enhanced by the generally high gold (and copper) grades associated with many of the Company¹s resources. The Company¹s wholly owned 300,000 tonnes per annum mill at Gullewa can be reactivated at low cost and short lead time.

Board and Management

The Board comprises:


Mr. David Deitz, Chairman, B. Comm. MAusIMM, CPA
Mr. Deitz is an Accountant with broad experience in the mining industry. Mr. Deitz is also joint Company Secretary of Allegiance Mining NL..

Mr. Gregory Steemson, Director BApp.Sc(Hons), MSc, FAusIMM, FAIG

Appointed to the Board in April 1997. Mr Steemson is a geologist with over 20 years experience in mineral exploration in Australia. He has a strong background in all aspects of mineral exploration and development.

Mr. Stephen Everett, B.E. (Chem. Eng.)

Mr. Everett has over 25 years experience in the mining industry having held positions in both private and public companies ranging from production and project management to Managing Director/CEO.

Mr. Eddie Lee

Mr. Lee is Chairman of Global Business Solutions Limited a company whose main business is information technology. Mr. Lee is also a Director of Allegiance Mining NL.


The Existing Gold/Copper Project
The Company has a resource base of approximately 130,000 ounces of gold and 12,000 tonnes of copper metal at Gullewa within a 10 km radius of its 300,000 tonnes per annum mill which is on care and maintenance. The current tenement holdings offer good potential to expand these resources.

New Business

The Company is actively investigating new business opportunities. Information regarding this aspect of the Company¹s activities can be obtained by looking at the recent ASX announcements.

Financial Position

The Company is debt free. The details of the Company¹s financial affairs can be reviewed by looking at the most recent Annual and Half Yearly Reports.

Capital Structure

On issue as at the end of February 2000 are approximately 103 million ordinary shares and 12 million unlisted options.