IE00B1FR8863/GBP/PLUS-exn

CHAIRMAN'S STATEMENT

The period under review has been marked by the Company's transformation from a purely exploration profile to one increasingly of confirmation, validation and development. Highlights of operations to date include;

Three sets of gold and silver test results.

Three sets of uranium U308 test results.

A bulk sample laboratory leeching test for recovery of U308.

More than doubling the area under claim.

Field Programmes

The 2006 and 2007 field sampling programmes have confirmed our historical geological research; radioactive mineralisation is present on our claims, in addition to precious metals gold and silver. How much there is remains to be determined. This will be the object of much of our endeavours over the coming summer. As for the quality or richness of the deposit, that is perhaps best illustrated by comparison. In last year's Annual Report, it was stated the first test results yielded values of 0.17%U308. By the end of the third set of results, readings were as high as 0.59% U308.

Third Uranium Test Results

In the fifteen samples taken to test primarily for U308 content the results, in percentage, were as follows:

         % U308       % U308 

1.          0.170     9. 0.292 

2.          0.028    10. 0.061 

3.          0.146    11. 0.043 

4.          0.076    12. 0.212 

5.          0.490    13. 0.596 

6.          0.248    14. 0.138 

7.          0.204    15. 0.564 

8.          0.068 

These outstanding results are the most recent of several previously announced surveys over the past year. The grades keep improving as we zero in on what we believe is the controlling geological feature of the deposition namely, the Ming Toy fault.

Bulk Uranium Sample Test

In late 2007 your Directors were determined to secure a bulk sample of uranium ore from the prospect to undertake a scaled-up test of its value and to examine if a low capital cost leaching plant would be an efficacious means of U308 recovery. Subsequently, a bulk sample was extracted and delivered to an appropriate laboratory in Colorado. We had hoped to have the results in time for publication in the annual report, but due to the strength of the ore, certain precautions had to be taken in the transportation and delivery of the bulk sample. I am confident the final report will be available in time for the AGM.

Gold and Silver Results

The most recent test results for precious metals released to the Market on 11th February 2008 are listed below. They were taken from pits on the flanks of the Adit from which the U308 bulk sample had been extracted.

In common with our uranium sampling, the values recorded continued to increase as the field survey and sampling teams became more familiar with the prospect's geology.

The Next Step

2008 promises to be as busy a year as its predecessor. Establishing the extent and volume of the resource of precious metals and U308 will be a top priority. Another will be to seek out a suitable joint venture partner to develop the resource in an expeditious manner. To facilitate both objectives, the Company has retained a firm of Geological Engineers to publish a Competent Persons Report on the overall project; its history, regional geology, local geology, mineralogy, review of sampling programmes, and a suggested work schedule and scope for summer 2008.

Funding

The Company is well funded to achieve these goals, which your directors believe will provide market validation of the extent and value of our discovery.

The Directors will not be recommending the payment of a dividend for this period.

EMMETT O'CONNELL Chairman

Group Income Statement for the period ended 31 December 2007 

1.00 Cent

1.36 Cent

 The results for the period all arise on continuing operations.