Dear Shareholders,
The market conditions for a small exploration company remain difficult and the Joint Venture mining activity outlined in my April message has not yet commenced. We are hoping to commence mining in late September and continue for 3 months until the rainy season arrives.
At the same time we have negotiated a Joint Venture agreement with one of our neighbors holding the ground Chala previously controlled. We are now promoting the joint project of over 7000 Ha to listed exploration companies in Australia and Canada and have received some initial interest.
Thankyou for your patience. I have not wished to close the company down because I know that market conditions will change and the high quality assets we hold will yield a return over time.
I look forward to advising of further progress in the near future”
Yours faithfully
Mark Newton