Ann: Corporate Update, page-23

Let me explain.

1. You had to be a Con Note holder to receive the "offer". It lapsed in June.

2. IGS has two new directors not related to the former guys who destroyed value. Yes Tasker is still there but was always a fringe player. Agree to date directors have been passive. They are waiting to sell Santa Fe Gold shares. Obviously no buyer.

3. Sage is not interested in injecting funds last time I exchanged emails with him. Had intended to use IOP money but this coy is going nowhere as adverse litigation is about to destroy it when you match cash on hand versus court decision in favour of past employee. I do not believe Sage controls IGS. His buddy Brewer got out.

4. Re past failures...as a Con Note holder I was only interested in Winter Gardens. They wasted that opportunity by not finding a funder.

I live in hope. Surely the shell together with current assets has some value to be extracted?

Tasker has left PPR. Waiting for his return telephone call. Maybe he is overseas on vacation?