Ann: Drilling Update Rebecca Gold Project, page-8

Hi Robbo,

It was just a comment on the selling we saw leading into the announcement......"No reason to sell yet"

Some here had been speculating that the visuals (sulphides) hadn't shown up in the core samples so that's the reason the price had fallen. Seems they have, plus more visible gold, so the company seems to run a tight ship.

As far as upside goes it will depend on how big this can get and confirming the metallurgy. I'm holding another similar story MGV, which is very slowly drilling out a high grade system north of Mt Magnet that has good metallurgy. In this market it has been two steps forward and two steps back for that company, as every 6 months they need to go back to the market for more money to drill and the high grades are turning out to be a little patchy.

Hopefully Rebecca can advance faster and proves to be a more solid system. Normally the speed of the drill out is an indication of how robust a prospect ultimately is. If they start dragging their feet you know the prospect hasn't gained much traction in the market.

So far I like what I'm seeing, but as I mentioned above, what we need now for a good valuation is size, which means more step out holes or other deposits. The parallel zone is a good start if there is nice mineralisation associated with it or even if the grades are lower but they start to daylight. Esh