AGM

Morning All

As promised, a review of the AGM from Friday.

Firstly, FT went through some highlights of the year and noted that the SP was not reflective of the good news and work that has been done by the team.  The BoD are very conscious of this and will be undertaking a strong communications and marketing effort in the near future off the back of current drilling and exploration results.

He then went through the formality of the meeting and all resolutions were voted up with a show of hands.

Some questions were raised which related to consolidation.  Basically answered by FT that consolidation for the sake of consolidation not in best interests of the Company, but consolidation based with a positive business event/outcome certainly would be considered and being reviewed by the BoD.

TDV then did a presentation highlighting what has happened and been achieved in the past year.  It is fair to say that TDV is a pretty conservative and cautious guy...but he seemed quietly confident and alluded to an ann coming out this week with more positive news.

TDV took a number of questions and was able to answer all with confidence and conviction.

Synopsis is that drilling at RoD is progressing well and they are awaiting the results of 100's of assays.  The reason for the delay in releasing the results of trial mining was that they wanted to be thoroughly sure of the information they were releasing - some of the face grades were delivering much higher head grades and others not - so required detailed review and double checking to be sure.  TDV said that to have the ML renewed that AUL had to undergo trial mining to show intent to mine and hence had ML renewed.  IK noted that CTL that has been in operation for 2+ years has a grade of circa 4.5 gT, so to realise 4.71 gT from trial mining at RoD is very positive.  TDV feels that this is a cut off grade - so they are currently reviewing mining plan to target higher grade zones which will be profitable when going to full production.

In relation to MS, the mine is currently dewatered to L10.  Drilling program at Stacpoole North and McNallys has gone well and expecting more results to be ann'ed soon (I expect this week).  He seems very positive about the results.  They are moving the drill into L9 now and will be drilling up into Stones and pushing through into McNallys for a few more holes.  He mentioned that the "old timers" missed McNallys by about 15m and that it was looking like a very promising reef that was still open to North and South at this stage.  He also liked the potential of Maxwells, but at this stage focusing on Stacpoole North, McNallys and Stones.

They have also employed an Environmental Scientist and that the relationship with the EPA was very good which is a big plus to get mining underway in that neck of the woods (so to speak).

All in all the meeting was pretty relaxed and TDV, FT and IK were happy to field and answer every question posed to them.

Anyone else that was there please feel free to add anything that I may not have covered.

For mine, SP aside, the company is probably in the best position it has ever been in...I am expecting more positive news and good results shortly.

Cheers The K