All time low, page-16

It was a positive outcome for the director who has a share of the Zim ground. We spent our money getting results he can now use to flog the projects to other potential buyers.

The results looked ok but the acquisition structure was flawed imo. It may have worked if SI6 had insisted on an earn-in agreement where we incrementally increased ownership by expending exploration dollars, instead of handing over shares and do the drilling. We were taking all the risk. Too often directors try to vend their projects into ASX listed companies that they run. It's an easy way of converting their projects into cash in the form of tradeable shares.

We are now back to square one and have wasted time and money for nothing.