Ann: December 2014 Quarterly Report, page-2

Hi Mark

I would be interested as to why around 40% of income has been spent on exploration & evaluation when quite clearly nothing has been happening with the company in this area. If reducing costs is a priority as noted then this seems strange as I would have thought it better to have the $1.5 in the bank thereby nearly doubling what we have plus finally the projected forecast has reduced this cost down to $200k and if we are in a holding pattern then is this even to much