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Annual Report 2009

In carrying out their responsibilities the directors have put in place a framework of controls to ensure as far as possible that ongoing financial performance is monitored in a timely manner, that corrective action is taken and that

risk is identified as early as practically possible, and they have reviewed the effectiveness of internal financial control.

The Board, subject to delegated authority, reviews capital investment, property sales and purchases, additional borrowing facilities, guarantees and insurance arrangements.

Corporate Social Responsibility The Board takes regular account of the significance of social, environmental and ethical matters affecting the business of the Company. At this stage in the Company’s development the Board has not adopted a specific policy on Corporate Social Responsibility as it has a limited pool of stakeholders other than its shareholders. Rather, the Board seeks to protect the interests of the Company’s stakeholders through individual policies and through ethical and transparent actions.

Shareholders As set out above, the Board seeks to protect shareholders’ interests by following, where appropriate, the guidelines in the Combined Code and the directors are always prepared where practicable, to enter into a dialogue with shareholders to promote a mutual understanding of objectives. The AGM provides the Board with an opportunity to informally meet and communicate directly with investors.

Environment The Board recognises that its principal activity, mineral exploration, has potential to impact on the local environment and consequently has adopted an Environmental Policy to ensure that the Company’s activities have minimal environmental impact. Where appropriate the Company’s contracts with suppliers and contractors legally bind those suppliers and contractors to do the same.

The Company’s activities carried out in accordance with Environmental Policy have had only minimal environmental impact and this policy is regularly reviewed. Where appropriate, all work is carried out after advance consultation with affected parties.

Employees The Company engages its employees to understand all aspects of the Company’s business and seeks to remunerate its employees fairly, being flexible where practicable. The Company gives full and fair consideration to applications

for employment received regardless of age, gender, colour, ethnicity, disability, nationality, religious beliefs,

transgender status or sexual orientation. The Board takes account of employees’ interests when making decisions and suggestions from employees aimed at improving the Company’s performance are welcomed.

Suppliers and Contractors The Company recognises that the goodwill of its contractors, consultants and suppliers is important to its business success and seeks to build and maintain this goodwill through fair dealings. The Company has a prompt payment policy and seeks to settle all agreed liabilities within the terms agreed with suppliers. The amount shown in the balance sheet in respect of trade payables at the end of the financial year represents 17 days of average daily purchases (2008: 19 days).



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