Ann: Share Purchase Plan Offer Document, page-23

Gold developers are always sold off in December! Last 3 years in particular. I think a lot of people forget that this is the second capital raise Waf has done In the last 6months, they only just raised in June this year for 35 million @32c and now again for 48million @25c. Normally capital raising put big floors in share prices, so for that reason I can't see us going much lower than 23cents, big instos don't just buy $43million shares @25c to watch it fall sub 20c. Can you Find a gold company with a 200million cap that in Two years time will be producing 300,000 ounces gold in its first year for aisc sub $800 aud. The markets have really got this one wrong, all gold developers are being punished for the failures of gcy, blk etc! But waf is very different to those gold developers, we have way higher grade and are way lower cost! Yes there is construction and sovereign risks! Hey Maybe I'm wrong and I'll loose all my money (all fun of the game) Cheers ST