Ann: Update - ASX Enquiry, page-45

HDY BOD responded to ASX with a comprhansive letter and plenty attachment as evidence. ASX wWA is going to handle this document. I believe early next year we can get idicastion from ASX and may be HDY. If valuation of the vanadium assets +, - acceptable by ASX then we have big chance to commence trade once again. However ASIC may watch BOD from now on to make sure no inappropriate business conduct.

If Vanadium projects progress as shareholders we also have great opportunity trade our shares at right price.