Good Work Team

I knew Bukka was on to something. Please let me know how excellent this is, you know I have trouble with reports.

To date, the parties have been unable to satisfy some of the key conditions precedent required to enter into a binding sale and purchase agreement to progress the transaction.

At the time of this report, IMD Gold has not been able to complete the acquisition of the Battler, British Hill and Parker Dome projects in Western Australia nor, to the satisfaction of Indus, demonstrate sufficient certainty around the prospect of obtaining a binding right to acquire the Marda project in Western Australia.

Both parties have attempted to progress discussions with the receiver for Black Oak Minerals Limited, who are currently in liquidation, but to date these have not been progressed and Indus is therefore currently reviewing its position and also the likelihood that an agreement can be reached between all parties.

While these negotiations continue, Indus has commenced review of several other attractive acquisition opportunities but as yet no decision has been made whether to proceed further. Should the IMD Gold transaction be terminated, the Board of Indus will accelerate this review process.

Thank god I have such faith in this company