company update, page-3

As you say, HGL own 30% of HRS..so check out the HRS ann re proposed bauxite IPO..

As reported over the past 18 months, Hudson Resources Limited (Hudson) has developed a substantial portfolio of tenements, prospective for bauxite, in south-east Queensland and eastern New South Wales.

The portfolio consists of 13 granted tenements and 4 applications pending (see Table 1), distributed over three “Development Zones” - Brisbane, Newcastle and Port Kembla each with transport links to a regional port (see Map 1).

In order to provide dedicated resources and focus for accelerated exploration and development, the Board of Hudson proposes to spin-out the Company’s bauxite tenements into a new company called Australian Bauxite Limited (Australian Bauxite).

The spin-out and listing of Australian Bauxite may be subject to Hudson shareholder and other egulatory approvals.

All shareholders holding at least a Marketable Parcel of Hudson shares at the Record Date (yet to be set) will be eligible to apply for shares in a priority offer, with a guaranteed allocation of shares
in Australian Bauxite.

The directors have a strong successful track record of listing companies as well as identifying and acquiring exploration targets and resource opportunities.

Also check out these articles re Volcan who are mining next door to HRS.. ww.johnwilliams.com.au/Media/bauxitepotential.htm .. business.theage.com.au/business/diamond-rose-outsp...

mentions .. ASX-listed Hudson Resources is, however, also digging around the same northern NSW region as Volcan, and said in March it believed a 300 million tonne exploration target was reasonable