"Your Board has again considered the position of the company and...

"Your Board has again considered the position of the company and has reviewed our
exploration portfolio and the potential to bring projects to production as soon as possible. As
a result we have decided to become an iron ore focussed company, retaining the Pilbara and
Canegrass tenements and separating all other commodities into a new company. This will be
called Flinders Exploration Limited, headed up by Dr Dave Tucker, and will be listed as a
new IPO with a priority given to existing shareholders to subscribe for shares."