Developing phosphate interests in the Georgina Basin, Queensland, Australia

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Message: 10-K Report

From the 10K:

2007 A$1.00 = US$0.8767 2008 A$1.00 = US$0.6907

The exchange rate between the A$ and US$ has moved by 21.22% between December 31, 2007 and 2008. Accordingly, a direct comparison of costs between fiscal 2007 and 2008 may not necessarily be a true comparison.

We had A$119,277,536 in cash at December 31, 2008.

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