reason for trading halt .., page-30

it can be also that here!

and but no 20 millions Shares

sale Bellevue??


GENERAL MEETING
2 MAY 2008 AT 3.00 P.M.
Corporate
· Post the March 2008 quarter, the Company undertook a Rights Issue raising of
$8.98 million. The balance of 10,000,000 shares for $4.5million will be placed by
the Board in the next 3 months.
· The Company has agreed, as outlined in Quarterly Report, to sell the Minjar Project
for $11.0 million, consisting of $7.5 million cash and $3.5 million in shares in Group
to be listed in second-half of this year.
· The Board is pleased that Territory Resources is now the Company’s major
shareholder (just under 20%).
· The Board is most disappointed that the current share price has fallen significantly
and is obviously a reflection of the lack of confidence in the company going forward.
· The Board’s prime focus is to ensure production initially reaches a break-even level
and then ultimately reaches production targets to ensure a reasonable margin and
return.
· Our staff have completed the first phase of a Resource review for the Mt Magnet
Project and have identified several significantly prospective open pit targets. A more
complete report will be released to the market in about a fortnight.

""· The Company has had an approach to sell the Bellevue Project and discussion are currently underway.""

· Going forward the Company will focus on the Davyhurst and Mt Magnet Gold
Projects which, at full production, will produce a budgeted target of 250,000 ounces
per year.
Production
· Production for the Quarter ended March 2008 has been disappointing.
· Development has been 3 to 4 months behind schedule.
· Production to-date has been less than targeted.
· The production target for May 2008 is 7,200 ounces which is marginally above
break-even