Ann: Ceasing to be a substantial holder, page-38

Hi Mickey.

You are correct regarding the tax method for CGT!
Furthermore I believe that Ian Bamborough will be the Managing Director of Saturn and Rob to be the Chairman (both geologically savy) so if that’s correct then it would be fair to suggest Rob would purchase a decent parcel of Saturn shares as his initial investment in the new float as Peel shareholders will be entitled to participate.

With regard to my wiped post of AGM feedback
I’ll try now to summarise new points;
1. Mallee Bull PFS nearer and nearing completion no firm date suggested to announce.
2. Wirlong still regarded as a huge cluster long life mining proposition with remaining 50% earn inn to be completed (final expenditures about 500k to finish same).
Jogmec consider Wirlong currently as one of the best Cu projects in the world.
3. The Southern Nights was described as an exciting world class discovery with our Zinc drill hole the best ever drilled by Peel in our 10 years of exploration. Plenty of upside was noted with the $6mill raised for same providing a cash balance of $9mill at time of AGM.
4. Float of Saturn Resources early new year to raise $4.5-7mill is placed through Bell Potter Patersons and Dolphin stockbrokers. Peel to retain circa 35-50% of Saturn post the float.
5. Ian Bamborough new MD of Saturn is ex Newmont and he is highly experienced credentialed and after his review of historic data believes Apollo Hill and surrounds to be the best gold project he’s seen since his Newmont days. This as he explained in his very interesting PowerPoint presentation is based on much missed interpreting of high grade details and the lack of drilling around such high grade areas which he feels will add significantly to the overall grade. Some noteworthy holes in were [email protected]/t and another at circa 2m @60g/t.
He suggested the locational pedigree of Apollo as is surrounded by multi million ounce mines gives (apart from his recent research review) of our drill data is excellent exciting and capable of delivering two to even six million ounces Au.
Ian says the project economics can improve significantly due to strip ratios being evaluated more realistically at around 2-3 not 10/1.

6. Rob says the team will take a break soon but
however aggressive drilling at Southern Nights will continue through to March with 3 rigs!.
Rob said there’s a mining engineer working on T1 this week (of the AGM) but I didn’t note what was meant really, sorry.
That’s most of what is scribbled down guys but I left very happy and satisfied with past and due plans to grow our exciting budding enterprise.
Sarg