letter to amitan shareholders, page-10

I bet the board changes also flow into AGU itself. I perosonally wouldn't be surprised to see both Quinn and Benson leave soon. Why are there so many directors anyway?

RE: AMITAN

What follows is a list of current tenements, following each will be a list of a any tenements that shared common ground at some stage and a small description of exploration on those historical tenements for each.

EL25737 - Current tenement
Previous Tenements
EL 6132 / Munyu Hills / Arunta Province
1996 / 49 soil and rock chip samples were collected. No significant assays were recorded
1998 / Thirteen rock chip samples collected with highest gold assay 4ppb, all other elements analysed for were non-anomalous, lag and pisolite samples collected were non anomalous in gold but contained 24 to 73ppm As. 7 soil samples collected.

EL 6131 / Tanami Region / Murraba Basin
1996 / 10 very specific areas sampled by taking rock chips, lag gravel, pisolite samples-total samples 70. All assay values generally disappointing with gold values ranging from <1ppb to 4ppb, with Arsenic values from <10ppm to 6363ppm.

EL25739 - Current

EL8951 / Arunta Province / McArthur Basin
1997-2001 / Work included reconnaissance sampling programs and RAB drilling and returned generally low level Au anomalies (up to 900 ppb Au) in EL's 8950, 8951, 8386 and 8387as well as low level arsenic and copper anomalies.

EL8961 / Arunta Province
1998 - 1999 / The licence has been in part evaluated by 31 LAG samples. No anomalism was obtained. Aeromagnetic data was acquired and modelling conducted in conjunction with the gravity data.
2000 / No assays above 1ppb Au have returned for lag samples. Results from composite rock chip samples were disappointing, with the best values of 1.0 to 1.8 ppb gold. Air core drilling program was designed follow up anomalous results from earlier drilling in the area. Drilling intersected up to 30m of cover in the large eastern drainage channel. Anomalous results were confined to the transported overburden, with best results of 10-15 ppb Au.
Also - Results from the exploration work undertaken within the relinquished part of the licence were disappointing.
2001 / The report presents work undertaken within EL8961 including lag sampling, rock chip sampling and RAB drilling. All these activities returned no anomalous values. The work that has been completed has given little encouragement, either lithologically or geochemically to indicate the presence of a large gold bearing system. No further work is proposed.

EL25740 - Current
EL5419 / Arunta Province
1990 / The results of the TJV and NTGS aeromagnetic surveys were merged. It indicates that much of the tenement is underlain by unprospective granite.
1991 / The main target within the licence is a 4 x 2km magnetic anomaly striking in a SE direction. Sampling returned elevated base metal values and minor gold anomalism (to 17ppb). NB SE Trend is away from Amitan Tenement
1992 / Positive sounding report for area of tenement that doesnt relate to Amitan
1995 / 22 rock chip and 34 lag samples were collected. The only results of note were some mildly elevated copper and zinc values.

EL25741 - Current
EL6745 / Arunta Province
1997 / Within EL6745, work centred in five areas (Areas 48, 5951, 93 and 94). Drill conditions for Area's 48 and 59 were difficult. Area 59 is believed similar to Area 52, and so Ni response attributed to mafics. Gold values generally not significant.

EL25738 - Current
Nothing historical

Keep in mind that not all of this historical work is entirely within the Amitan Tenements. Most of the Arunta exploration has been focused on gold and base metals and not Uranium. AGU claims that the tenements are highly prospective for gold and uranium but they must have other info than me in regards to the gold. Lets not forget that taking the depressed shareprice at the first announcement of the Amitan takeover valued the transaction at $3.18 Million for what appears to be 5 tenement "APPLICATIONS". IMO this is a grossly overvalued transaction based upon peer valuations. Not sure what others think, but thats what I think and can't see any reason for anyone else to see otherwise either. If someone does see a plausible reasoning for this I would invite them to share it.

I'm NOT a qualified geologist BTW.......I wouldn't trust what I say - I'm a nutter that reckons there FE in those hills.