Update, page-14

Hi Vincerli

Yes I post what I have been told by various personnel connected to IGS. I have always indicated that fact.

But I have also spoken to and exchanged emails with those not directly connected. One such person was Winter Gardens supremo who is now dead. He contacted me in Italy one year updating me on the company's fallout with IGS. Others include executives from Santa Fe Gold.

Like nearly all investors in the Con Notes we converted to IGS shares as the company had no funds to pay us out.

Very few company directors get punished. Both ASIC and the ASX are in a world of their own. They have no desire to protect investors. Fact.

Re IGS future......was continually told that there was one. As we move towards being unlisted I am now unsure.

I will continue to keep you posted on what I am told. I live in hope until the day that the company goes into administration.