joint venture 30%, page-16

LK - Amitan no longer has the tenements that they were stated as having at the time of deal. The 5 ELA's in the NT have been withdrawn.

This is also the case for Jarra's 4 ELA's but they have kept the Old Mount Peak lease which was granted. Most of the Haven leases have also been canned. There was next to no value there anyway. A couple of Cabe leases remain but those at Lake Maitland and Yanrey are gone.

If you recall, despite a poster or two saying that Amitan represented good value, I was of the opinion this was not the case. The ground was no where near as prospective as the previous directors led shareholders to believe.

It should be pretty clear now that the acquisition of Amitan can not go ahead in the previous form. Amitan can of course find another project but one may ask why the persistence in trying to deal with that one company when there are many other opportunites out there.

There is no problem in acquiring land as long as it represents value and especially if it is complementary to what the company is trying to achieve. Due dilligence is key.