Ann: EXPLORATION UPDATE , page-4

Agree that an explanation for GS' departure would have removed some of the doubt and conjecture, and the rights of the shareholders should be given more consideration in these sorts of situations. However, I certainly don't agree that the company is a mongrel. They appear to be sitting on one of Australia's biggest shallow goldfields, with potential for very large-scale open pit mining.

Combined with the potential of ABU, in which TAM have a substantial stake, and the possibilities for joint processing in the future, I believe that TAM is likely to develop into a 200k p.a. producer at relatively low cost, despite their geographical location.