Since 1962 Ireland has been a significant producer of Zinc and Lead. Mine production reached a new high for Ireland during 2003 and the country's three base metal mines at Navan, Lisheen and Galmoy between them produced a total of 419,000 tonnes of zinc in concentrates which represents 41% of European mine production, and 4.6% of world mine production. In terms of prospectivity, Ireland has the highest concentration of zinc deposits discovered per square kilometer of any country in the world.

The Directors believe that this is an opportune time to invest in natural resources projects by capitalising on the geological, industrial and financial experience of the Company's management team. It is management's decision to focus on exploration in Ireland at this time and, while prospects for any mineral will be considered, priority will be given to the Company's zinc exploration properties in County Clare.