current status and rumors

Update from one of the redundant staff.

1. 15 people are now left at Coyote - mainly plant people - ore has run out. cleaning everything out of the CIP now.
2. 8 people are left at central tanami - mainly junior geos and field assistants
3. vehicles are still on site at Coyote
4. exploration manager handing over and will be gone after next week but will not return to site
5. Mine manager still at Coyote till June
6. GM still in perth
7. Acting interim CEO still in perth

Staff have been told that a plan will be revealed to tomorrow though it was meant to be revealed on Monday and previously Friday. Speculation from the rumor mill is that there is takeover/ merger being worked up which will have conditions precedent that everything is in an orderly care and maintenance position and tenements in good order. The idea is to get the costs down to nothing as Allied are calling the shots and there is no more $'s once the $12M is gone.

Given that there was a CR done, it would be hard to argue a fair price less than that of the CR but no doubt it can all be hidden in a script for script deal with an Allied related entity. No doubt Allied will convert their $15M loan in any transaction at a highly dilutive price. Probably a lot worse than anyone anticipated. A massive destruction of small shareholder value is almost complete. This is what happens when miners borrow money from Chinese shareholders and do not have an independent board.