KEY EXECUTIVES

Resource Equity Consultants Pty Ltd's Executive Director is Mr Robert H Duffin. Bob Duffin has a First Class Honours Degree in Science, a Masters Degree with Honours in Science, and a Graduate Diploma in Management. He is a Fellow of the Australasian Institute of Mining and Metallurgy, and a member of other professional organisations including the Securities Institute of Australia. He is a Chartered Professional in Management of the AusIMM.

Bob Duffin has over 30 years experience in resource exploration and project assessment, including over 15 years experience in mining investment analysis and project valuation. He has worked with the Geological Survey of NSW, and has held senior exploration positions with MIM Holdings and Peko-Wallsend Limited. He is a former Managing Director of Austirex International Limited, an international consulting and contracting firm. He has worked in the stockbroking industry with Norths and First State Securities, and was head of research with Jacksons, a specialised resources broker. He has published in Australian and overseas technical and financial journals. He has held non executive directorships of over 10 public companies for varying periods since 1986. He has acted as an Expert Witness in resource litigation issues.

Bob Duffin has built on his technical background in exploration to develop a sound knowledge of operations, strategic issues and corporate financing requirements for the mining sector. He has lived in mining communities in Western Australia and Queensland, has worked in all states of Australia, the Pacific Islands, South East Asia, North and South America, Europe and Africa. He has had experience with most mineral commodities, including gold, base metals, coal, uranium, diamonds and mineral sands. Recently, he has specialised in resource project assessments for equity and banking purposes, valuations, and the provision of investment advice to a wide clientele.

Bob Duffin holds Australian Financial Services licence 223675 issued by the Australian Securities and Investments Commission, pursuant to which he is licensed to advise on shares and proposed or actual mergers, acquisitions, takeovers, corporate reconstructions or share issues. He has written or contributed to more than 100 independent expert reports prepared pursuant to provisions of the Corporations Law and Australian Stock Exchange listing rules, and equivalent requirements of foreign jurisdictions. In February 2000 he was appointed by the ASIC to its panel of experts set up under CLERP 99 for the purpose of compulsory acquisition of shares.