Ann: Quarterly Activities & Cashflow Report-MGV.AX, page-19

I read the last set of drill results when they came out a while ago. My general impression was that it contained both good news and bad. Good news is that when they turned the drill rig around and drilled back from the west they still came out with reasonable grade and width. Bad news was that two of the deeper holes they drilled were basically dusters.

The strike extent seems OK but we need to show continuity and continued width at depth to start putting ozs together. Also it would be good if they took an air-core rig and started chasing down potential other deposits along structure. I'd prefer the money to be spent this way, rather than on the more ambitious VMS exploration. Once small companies find a good area they should stick to their knitting and throw all there efforts into getting it off the ground. The companies that spread themselves thin tend end up going nowhere in my experience. Esh