Ann: Investor Presentation, page-4

Must say I was a wee bit surprised to see the "Cash at 26th June" down to only about 100,000, given PV taking some of his money in shares, whilst at the same time there does not seem to be a lot of active exploration going on.

The last thing I want is a consolidation, yet unless the so-called Sophisticates put up more money with the attendant dilution, I cannot see there being a huge amount of enthusiasm for another issue right now. With 1.4(+) B. shares on issue the spectre of a consolidation is worrying...to say the least. I imagine a lot of holders have accumulated relatively large holdings to hopefully benefit from even a smallish SP rise....a consolidation will put paid to those aims.

My respectful suggestion once again is get hold of and publicize the WP report.....give holders something with a bit of meat on the bones. Another and sounder JV partner would help, but the court extensions will ensure that does not happen soon.

Much to ponder. Regards to all.