Ann: MD's Presentation at LADU Conference-AQD.AX, page-9

Hi Z,

If history is anything to go by you would think twice about investing here, that's for sure. Having said that, I have had several discussions with Graeme over the years and he is a very committed man and to achieve the JV's in these multiple projects, shows to me anyway, that he has and maintains much respect within the industry.

Whether that respect is proven with the drill bit is yet to be seen. To have so many irons in the fire and be 'free carried' whilst the drill bit does its job, is an absolute plus in this current commodity environment.
As the old saying goes "If the drill bit isn't turning, there's little chance of proving up a resource".

As with any spec stock, it's a calculated risk and one that I am prepared to take mainly because I believe in the integrity and expertise of the management.

C'mon drill bit ......... please !!!