Ann: Managing Director's Address to Shareholders, page-2

good presentation by Matt at the meeting. Used the maps to give a far more in depth explanation of the area and the various ground conditions, shears, depths etc that have shown success for our neighbours.

He really likes the short term prospects for Mt Stirling (outcropping and open in all directions) and that with further exploration it could be an early cash flow project for the company.

Commented that the Zuleika results have done what they were designed to do - confirmed the black shale and determined the priorities for the next round of drilling. They have over 30 targets identified and have only started on 9 so far. However they are to concentrate on the better of the 9 initially in a effort to spend on what will give value. Still have 35% of the drill results to come from the lab which will further add to the understanding of the geology. It's interesting that of all the gold found in WA he is credited with finding 10%!


Mentioned that the Malcolm project will get some focus shortly as well.