Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-18

Talking to my contact last night in general discussion on the "alliance" and although he was unable to add anything to what is already publically available, reiterated there is likely to be more positives than negatives in a mutual agreement.

His reasoning is from the experience of exploration and mining in the Tennant Creek field which can be frustrating. Although the explorers are drawn to the area by some high grade discoveries, narrow vein deposits, sometimes discontinuous, can add to the complexity of exploration.

That's why he sees an agreement helping to offset some of the difficulties and the expense of exploration to production for single entities. And he does not rule out M&A being part of the discussions.

Again it's a matter of watch this space.