shocker

Unbeliveable. l am speechless.

how could they write off another 25% of NTA after they specifically supposedly took action to stabilize the portfolio and remediate the situation ?

As for the proposals, basically they say anything is possible but none of it will return lost capital because l gather they have closed the out of the money options so they have locked in losses.

They can appoint whom they like but it wont bring the money back. Best we can hope for now is closing down and cash pay out.

Dwayne, if you are a big shareholder in GLI l can put you in contact with those who are taking action against the board, but if you are small fry like me then you are out of their league. l hold 200k GLC.

As far as l can tell, what they are saying is that their short gold contracts have gone out of the money and the call options which were supposed to cover those losses have lost premium due to a fall in volatility. l can buy some losses in such case, but not a 50% capital loss, sorry. Clearly a cover up going on here, sounds more like Nick Leeson all the time [ suggest you get his book - amazing reading ]

your thoughts on transcript please;

PORTFOLIO AND CORPORATE UPDATE

�� Decisive action taken to stem portfolio loss and market risk

�� External technical consultant appointed

�� Strategic review being undertaken

�� Appointment of independent corporate adviser under consideration

The Directors of GoldLink GrowthPlus Limited (the Company) advise that decisive steps

have been taken to prevent further unrealised losses in the investment portfolio and the Board

has initiated immediate measures to determine the best ways of optimising value for

Shareholders. Recent comprehensive risk mitigation by GoldLink Capital Asset Management

Ltd (the Manager) was a direct response to continued deterioration in portfolio value caused

by the sustained decline in gold option price volatility. The Manager advised that the steps

taken were necessary to prevent further losses and any further erosion of the underlying

capital base of the Company.

Directors have commenced a process of review of the investment portfolio to determine the

optimal ways of managing the portfolio going forward. As part of this process, the Company

has engaged an independent external treasury consultant to examine the current status of the

investment portfolio and assist the Board to determine an appropriate recovery strategy.

A sub-committee of the Board, comprising the non-executive Directors, is undertaking a

strategic review concerning the future of the Company. In recognition of the loss to the value

of the Company's underlying investment portfolio and the fact that the investment strategy has

not met its investment goals the sub-committee is investigating a range of possible

alternatives. These could include a possible recapitalisation of the Company, the potential

sale of the Company's investment portfolio, the orderly wind down of the investment strategy

or a potential merger with another entity. The Company has commenced the process of

appointing an independent corporate adviser to assist in this process.

GoldLink GrowthPlus Limited

ABN 48 111 695 357

Level 3, 88 George Street, The Rocks NSW 2000, Australia

Telephone: (61 2) 8264 2500 Facsimile: (61 2) 8264 2588

Email: [email protected] Website: www.goldlinkgrowthplus.com.au

Current Financial Status of the Company

Following extensive risk mitigation activities by the Manager, the Company has stemmed its

exposure to any further falls in gold option price volatility. Although market risk has been

substantially reduced, these measures will inhibit the recovery of portfolio value.

Adjusting the Net Tangible Asset backing (NTA) of the Company’s Shares at the end of April

for the fall in the value of the investment portfolio to 16 May 2007 implies an NTA of

approximately 47-cents per Share (which includes tax effect accounting entries). The current

unrealised value of the investment portfolio, independently valued at 16 May 2007, is a loss

of $22.4 million. The Company is cash flow positive and total cash reserves remain

unchanged at $28.3 million.

Background to Portfolio Developments

Despite on-going risk mitigation by the Manager, the continued decline in gold option price

volatility and its de-coupling from the spot gold price, particularly over the last six months,

has prompted the Manager to undertake significant hedging to reduce this market exposure.

Gold option price volatility has collapsed from historic high levels in mid-2006 to near

historic lows in May. The sustained fall has occurred despite a relatively buoyant spot gold

price in Australian dollar terms.

A key feature of the investment strategy is the embedding of bought gold call options in the

investment portfolio to provide a value offset when a rising spot gold price causes the short

(sold) side of the portfolio to move out of the money. Upward movements in the price of gold

traditionally feed through to higher option volatility. This relationship has endured since the

1990s. The disengagement of the spot gold price and gold option price volatility has caused

significant stress to the investment portfolio, and it is not clear whether the breakdown in this

relationship is a temporary or more lasting development in the market. The Manager, in

consultation with the external treasury adviser, is assessing the implications of these market

developments for the ongoing viability of the investment strategy.

Summary

It has been a highly frustrating and difficult year for the Company and its Shareholders and

the Directors are disappointed that the investment strategy has not fulfilled its original

objectives.

The Manager has taken decisive action to stem portfolio loss. The Directors are now assessing

the best way forward to optimise the value of the Company. The results of the external

assessment and any new proposed strategic direction for the Company will be reported to

Shareholders when they become available.

Yours faithfully

Tony Suters

Company Secretary