Ann: Quarterly Activities Report , page-2

Still around $1.5m cash in the bank.

So enterprise value is still well under $1m for a company with:

1. A smallish gold project in WA that has had exceptional past results (further drilling campaign to come).

2. A 30% stake (after farm out) in a nickel prospect which has attracted a significant company who is to throw a few million at it and will probably in time drill some holes.

3. An extremely high potential gold project in Africa with all early indications pointing to success, with trenching results soon to come and a maiden drilling campaign this year.

Still one of the best value explorers on the ASX imo. One day the giant will awake. Question is which of the above will set it off...