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## Directors’ Report 

Particulars of Directors’ interests and of persons connected with them (within the meaning of section 34b of the Corporations Act 2001) in options of the Company as at the date of this report are as follows: 

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(1) Mr Tuten is the Chairman of RCF Management L.L.C., the management company of RCF 

(2) RCF has agreed with Mr Wheatley to transfer up to 1,000,000 options exercisable at $0.11 which expire on 31 December 2005. 500,000 were vested when he was appointed as a director, 250,000 after 6 months service on the Board and 250,000 after 12 months on the Board. 

