With effect from 1 October 2008, all directors of the company and all senior management - including all senior expatriate management of Amantaytau Goldfields - , have elected to receive 20% of their normal annual salary in new ordinary shares in the company instead of in cash.

The board intends that the scheme will remain effective for at least six months and the election to receive shares in lieu of cash represents a binding commitment.

Chief executive Richard Wilkins said: “Taking stock based payment in lieu of cash salary is a commitment from directors and senior management and reflects their commitment and confidence in the company. It will also help us preserve our existing cash resources, including the proceeds of the convertible loan notes that we placed in May this year, and the cash generated from ongoing gold and silver production at Amantaytau Goldfields.”