Risk Management Policy

1. Introduction
The Board is responsible for the oversight of the Company’s risk management and control framework. The Audit Committee Assists the Board in fulfilling these responsibilities by reviewing the financial aspects of the framework.


2. Policy Framework
The Company has implemented a risk management framework designed to ensure that relevant risks are identified and that controls are in place, functioning effectively, and monitored.


3. Monitoring
Arrangements put in place by the Board to monitor risk management include:

* Monthly reporting to the Board in respect of operations and the financial position and financial forecasts;
* Reports by the Chairperson of the Audit Committee and circulation to the Board of the minutes of each meeting of the Audit Committee;
* Attendance of appropriate management at Board meetings as required by the Board;
* Presentations to the Board by management on the nature of particular risks and details of the measures which have been or can be adopted to manage or mitigate the risk; and
* Tabling of exploration and development programs and budget proposals to the Board on a monthly basis.


4. Insurances
The Company maintains appropriate levels of business and public liability insurances, in addition to compulsory workers compensation insurances.


5. Information Technology
The Company’s exploration and development data is one of its main assets. The data is backed up on a regular basis and a copy of the back-up stored off-site.
The Company also maintains a computer system firewall, anti-virus software and has systems in place to reduce the risk of malware and spyware.

Adopted by the Board of Directors on 31 August 2005

________________________________
Christopher Ryan
Chairman


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