an explanation of todays announcement

Guys,

I have just spoken with the company and have got some more info to share which will shed some light on what seems be lower grades than AGS.

GIR is very, very exicted about the potential of these drill results. The company pointed out that the mineralisation is of the same type currently being mined at Heathgate, therefore, the ground is mineable at Beverly via in-situ leaching.

Further, when I asked about the comparisons with AGS grades, the compnay pointed out that most of the high grade Alliance (AGS) mineralisation sits on the basement of the sand sequence, and this is largely where their high grades were gathered. The drill holes made by Heathgate on GIR's land, did not drill this far, therefore, any high grade mineralisation would not have been discovered. This was a very similar situation to the way in which AGS initially conducted their drilling.

Refer to the 4th paragraph of GIR's announcement where it states "As none of these holes completed reached basement, they may not have tested all all of the prospective sand sequences in the area, particularly the unit hosting the thick lower-most intersection in hole NM021...."

When I asked further about the "Deep South" and "Beverly East" prospects, the company noted that Heathgate has just applied to extend their MINING lease (note: not exploration lease) RIGHT UP TO THE BOUNDARY OF GIR's LAND. Therefore, it is expected, that Heathgate will begin mining right up until GIR's fence line, with some of the Deep South prospect running into GIR's land. Hence, the potential here is probably bigger, in terms of realising immediate cash flow, than what today's drilling results are.

Finally, the ZINC spin off structure will be announced by February, with the prospectus expected to be completed by then, and listing of the ZINC spin-off to occur in March or April next year.

This is fantastic news for the company and for GIR shareholders.

Finally, its value is reaching fruition.

rgds

PT