Ann: Entitlement Issue Prospectus, page-20

There continues to be someone gnawing away at what comes on offer for sale at 7c; it's been like that for a few days now. It's been subtly done.

It's an interesting situation. Clearly the placement has not been finalised. The new shares issue usually after about 3 days of the placement news. The news was on Tuesday of last week. Hmmm!

Whilst the shares remain unissued (because of incomplete payment), then wouldn't there be a blackout on price-sensitive news being announced? If there was such news available, then it would put the directors on the horns of a dilemma because of the duty of continuous disclosure. However, if it's not price-sensitive then it does not have to be released to the market asap. It mightn't have to be released at all, but even if there is non-p-s news sitting there and it related to drilling, it should be held back imo until the placement had been all fixed up.

We think that diamond hole 2 was started last Friday. We know that it is a very important hole. We believe that the DHEM of DD1 was done the w/e before last and that it was to guide DD2. However, there has been no real news on either. What did the DHEM find? What are the details of DD2? Are we getting no news on those 2 things because of the incomplete placement?