This is the last "Outlook" before the close of the Financial Year 2010. Time for reflection, a score card, and an immediate objective – for both Members and Directors.

Let's begin with a pertinent reflection...

From the Leader newspaper, February 1873... The twelve years 1860 to 1872 showed how gold miners of Bendigo earned their money through successful mining...(quote)

"Many of them scarcely or never trafficked in shares and pay no attention to how the market values their (gold) property."

Plenty of talk about today on ways to invest in gold -- here is a link to a local Melbourne show on 3 July 2010.  I include this information for general interest only.

The gold price trend doesn't look like changing anytime soon. Some milestones were:

the price "low" 12 to 26 February 2001	gold	US$256.00
when we became a public company (28 Nov 2003 )	gold	US$398.50
when MMT listed on NSX (10 May,2006) with no gold in the ground!!	gold	US$703.70
when we were issued a permit for disturbance, Glenfine	gold	US$933.90
and 18 June, 2010 when the extended permit issued, Glenfine	gold	US$1256.50

All the talk is about today’s price – up US$1000 per ounce since year 2001.  The significance of the change is seen in two ways –

• this 5-fold increase is a measure of currency devaluation (the world knows it, so keeps buying) and
  
• gold production  in China keeps increasing

The Members of this Company are owners like those in the quote above - an original focus on gold in the ground, in three properties which have come to have value rising to who now could tell???

What did we do??

• we made tangible gold the Company focus.
• we chose positions in Victoria's once out-of-favour goldfields and confirmed these as good choices by our test work.

Score - Clunes in years 2006/07 - 11 good holes, not yet ready for centre stage,
             Glenfine - years 2008/09 - gold again!!
             Allendale - coming, sooner than once thought.

We are luckier than some -- we have gold in shallow ground, and are well along with the procedures required before a "Green Light" allows extraction.
Meantime, others in Government have recommended Parks Victoria take good note of technology we can apply. This too is happening. Another tangible something of undisclosed value, it seems.

To sum up - the best protection for this small company is to keep its focus squarely on extracting gold from Glenfine.

Gold is the big tangible item, and will be for some time to come. The time to reach gold production has shortened as a direct result of the added work-space now permitted by Heritage Victoria. 

In Victoria, protection for the Company can be measured by the sequence of its permits. Two appear below - and although a year apart, they are proof of continued progress to the next level. In the first weeks of the coming Quarter the task is to hold it all together, so bringing Glenfine to the stage of ready for Council Permits.

Included with the last correspondence to members of this Company was copy of a letter from ASIC to our Company Secretary.  From its contents, it may be concluded that the holder(s) who has allowed 3 batches of shares to remain “unsold” for so very many months actually acted to the disadvantage of all other members. At a time of rising gold prices, we are entitled to wonder “why?”

Members should be thinking about acting to counter this negative effect, so the Company is funded sufficiently to carry on its task towards gold production from Glenfine.

The focus is on when that 60 operating days to cover the prefs might begin. (We shall see).

At this time every response will be considered by Directors in forming their opinion on how to best proceed.

Fred Hunt
Chairman
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Previous Chairman's Outlooks
20 June 2010
8June 2010
2 June 2010
12 May 2010
09 April 2010