Ann: Diggers & Dealers Presentation, page-60

Have been looking back at some EAR exploration, outside the current resource, and am quietly confident, especially with the results for Lowlands, Forked Stick, Golden Snag, Mount Joel, Wimbledon, and Julius North.

It will also be interesting to see what they turn up along the Hadrian trend between Julius and Ramone (NST).

The early results for all these deposits are good. Some of them are small at the moment, but one or two may grow into substantial deposits with extensive further drilling.

Prudent drilling seems like the strategy at the moment. Concentrate on going into production, then after about one year, with the debt paid off, and free cash flow coming in, use those funds to up the exploration effort at the above deposits. Better to do this than unnecessarily dilute shareholders now with capital raisings for exploration funding, when the money for this exploration can come from the mining.

Gw