todays report

Key items:

Pg17:

1 In 3 July 2008, the Company placed 5 million shares at 17 cents per share with Apex Resources Ltd to
raise A$850,000. The funds raised will be used to progress exploration of volcanogenic massive sulphide
(VMS) style copper-gold occurrences within Empire’s Yuinmery tenements, including diamond drilling
to test down plunge extensions of mineralised zones identified at Just Desserts, and an initial resource
calculation.

2 The agreement to sell the Yarlarweelor uranium project in Western Australia for $1.75 million was
terminated on 25 August 2008.

Impact: With the liberals win in WA and the potential to open up uranium mining this was probably lucky.

I think the current value is pretty low for this stock, but there are so many other bargains out there with the current market, wouldnt expect it to change much. Management is not particularly informative, but at least this gave some insight.

Less cash in the bank than last year, but alot more spent on exploration, Page 9:

"Penny’s Find, Yuinmery,
Torrens and Troy Creek. During the 12 months ended 30 June 2008 the company spent $2,575,000 (2007:
$778,000) on exploration and evaluation."