Current Investments

West Wits listed on the ASX through an Initial Public Offering (IPO) on the 19th December 2007 and raised $15 million.

West Wits has been encouraged with the progress it has made on its exploration program over the last 12 months, identifying prospective targets, investigating 8 of 14 of those targets (through 25.3kms of drilling) and developing JORC resources at four of those targets; the Emerald, Princess, Marquise and Radiant Targets.

The Emerald, Princess and Marquise Targets were considered prospective for near surface gold mineralisation that may be amenable to open cut mining operations. These targets were tested as possible pathways to early cash flow, through an open cut operation, before the sustained investigation of deeper more substantial and capital intensive exploration targets begins.

The Radiant and Raptor Targets were investigated for gold and uranium mineralisation respectively, from unmined 'virgin' reefs which begin at surface and remain open at depth. These were targets identified through the review of historical mine plans and maps, associated with the Company's leases, and form substantial components of the Company's current conceptual target of 3.95-5.20 million ounces and 17-22 million pounds of uranium.

The Company has announced four separate JORC resource statements since the beginning of 2009. Near surface JORC resources have been achieved at the Emerald, Princess and Marquise Targets, whilst the Radiant Target provided the first resources at an unmined section of Kimberley Reef on Rand Leases. The combined resources at these four targets delivered a JORC gold resource of 468,000 ounces at an average grade of 1.82g/t.

With these four resources now established, West Wits has elected to focus its endeavours towards the Emerald Resource, with its immediate primary focus is to complete all required studies at the Emerald Target by the middle of 2009. At this point West Wits will be able to apply to the Department of Minerals and Energy for an approval to mine over the targeted area. If all these milestones are successfully achieved in a timely manner, West Wits' is confident that the Emerald Resource will commence mining operations by the end of the year.

The current near surface JORC Inferred gold resource at the Emerald Resource is 157,019 ounces at an average grade of 2.14g/t down to an average depth of 85m across a 2km strike length, with 3,779 ounces in the Indicated category. The proximity to potential treatment facilities and shallow depth of this resource indicates reasonable prospects for eventual economic extraction. The initial Emerald Resource has significantly out-performed the Conceptual Target model.

Michael Quinert sits on the board of West Wits Mining Limited as Chairman.

www.westwitsmining.com

Mintails Limited (ASX: MLI)

Mintails Limited's (Mintails) underlying activities are the development, processing and production of substantial gold, uranium and sulphur bearing 'mining tailings' located on the West and East Rand areas of the Witwatersrand Basin, near Johannesburg, South Africa.

The substantial asset base includes

• 100% of the Mogale Plant and associated tailings resources, located on the West Rand,
• 50% of the ERGO Mines Joint Venture with DRDGold which owns the rights to process of 1.5 billion tonnes of tailings materials on the East Rand, and,
• extensive plant, infrastructure and mining equipment facilities on both the West and East Rand

West Rand (100% MLI / BEE)

The Mogale Project currently possesses 322 million tonnes of surface tailings, which contain;

• 3.19 million oz JORC gold resource
• 25.65 million lb JORC uranium resource
• yet to be classified sulphur resource

Mintails owns and operates the Mogale sand tailings operation and has implemented various initiatives, ensuring that the profitability continues to improve. Gold is currently being produced at a rate of approximately 22,000 ozs per annum at an average cost of US$800 per ounce. A small internally funded capex program of A$1.5m is being undertaken which should deliver further processing efficiencies by August 2009, which Mintails expects will further decrease the cash cost per ounce.

In addition to the Mogale sand operation, plans are now well advanced to commission a second circuit to process slime tailings. Capex requirements are estimated at less than A$12m. The circuit is being designed to process 350,000 tpm of slimes, recovering approximately 23,000 ozs of gold per annum, at an average cost of US$580 per ounce.

The commissioning of this second circuit would reduce operational costs at the Mogale site to an average of US$690 per ounce of gold produced

Mintails has also established a regional tailings facility at Witfontein, which DRD Gold joined as a 50:50 partner in late 2008. Discussions are continuing with other key regional players regarding the admission of further members into the venture. Mintails currently has sufficient deposition capacity to accommodate its planned production for approximately 5 years. The new planned deposition at Witfontein may provide an additional 750 million tonnes of deposition and opportunities to consolidate and acquire additional resources on the West Rand.

And finally on the West Rand, Mintails is also assessing the potential for a new Mogale Float Uranium Gold Circuit. Pre-feasibility studies are continuing with respect to a proposed new gold and uranium recovery plant at Mogale. The pre-feasibility studies are expected to be completed by June 2009. This study will be funded from existing cash flows. The full feasibility is planned to commence in July 2009 and, subject to a favourable outcome, construction of this plant would be scheduled to commence in 2010 which in turn would require additional external funds.

East Rand: ERGO Mines Joint Venture (50% MLI / 50% DRD)

Mintails holds a 50% interest in the ERGO Mining JV which comprises; the Brakpan Plant, approximately 1.5 billion tonnes of East Rand tailings and deposition capacity. Feasibility studies currently being undertaken are fully funded and recommendations and cost estimates are expected by the end of 2009. The Company is undertaking work to further delineate its resource estimates in the ERGO Mining JV and conceptual targets for the East Rand tailings assets. The first update on this process is scheduled for September 2009.

Mintails is currently examining options to utilise accessible orphan tailings dams and available existing plant and facilities owned by the Company which are external to the ERGO Mines JV on the Far East Rand. The plant would have a capacity to treat 400,000 tpm of tailings, recovering approximately 25,000 ozs of gold per annum. The project is currently being evaluated internally. A target resource of some 38m tonnes has been identified which is to be drilled and assayed by September 2009.

Mining Plant and Equipment

Mintails owns significant plant, infrastructure, trucks, bulldozers and earthmoving equipment. Much of this fleet and equipment has been deployed in the construction stages of the tailings facilities on the West and East Rand and forms a valuable asset of the Company.

West Wits Mining Limited

Mintails owns 27.7% of the listed capital in West Wits. West Wits was formed to actively explore sub-surface mineralisation on the West and Central Rand and has established initial JORC classified resources.

www.mintails.com

Watermark Global PLC (AIM : WET)

Watermark Global PLC (Watermark), listed on the AIM stock exchange in London, owns 100% of Western Utilities Corporation (WUC), a South African company established to manage the delivery of water supply for the Western Basin Environmental Corporation (WBEC). WEBC is a section 21 company (not-for-profit) formed to treat Acid Mine Drainage water (AMD) and transform AMD into 'grey' industrial water on the West Rand outside Johannesburg, South Africa.

The AMD has been created by rain water running into the vacant mines which has reacted with the oxidised ore to create AMD leaving a significant environmental issue if left unresolved. WBEC has contracted WUC, which has access to proprietary water treatment technology, to provide the processing and delivery of the water from a resource with a life estimated to be in excess of 50 years.

WUC was established to develop and commercialise a water treatment technology which will facilitate the government mandated treatment of AMD, and to on-sell the treated water and other by-products to industrial customers. Watermark (through WUC) has selected the Alkaline Barium and Calcium process (ABC), as its processing technology from the Council for Scientific & Industrial Research (CSIR) which proved to be the best technical and commercial solution.

The CSIR technology has met the South African National Accreditation System ("SANAS") standards for industrial quality (SANAS class two) as well as potable drinking water (SANAS class one). This is a significant step in the development of the Company, demonstrating the process can be commercial.

WUC has also engaged Golder and Associates (a leading Engineering Consulting Group) to start the Environmental Impact Assessment (EIA) study. Part of the EIA process is to identify possible sites for the construction of a commercial size plant to treat 75 mega litres of AMD per day, as Phase One of the project.

The project has now moved on to the Definitive Feasibility Study ("DFS"), which Watermark expects to be completed by mid-2009. The study will consider both piping the water into the main Rand Water Board for the Gauteng Province, as well as piping the water up to the platinum producing area of the North West Province.

Peter Marks sits on the board of Watermark Global PLC as Non-executive Chairman.

www.watermarkglobalplc.com

KarmelSonix Limited (ASX: KSX)

KarmelSonix intends to provide acoustic-based clinical solutions for the non-invasive monitoring and management of cardio-pulmonary conditions. The Company's produts are being developed in the field of respiratory medicine and will include diagnosis, monitoring and control of respiratory conditions including asthma, sleep apnea, and emphysema.

KarmelSonix is a leader in developing acoustic respiratory monitoring devices, with the Company's ground breaking products based on acoustic signal acquisition technology and advanced analysis capabilities. This proprietary technology responds to an unmet need for accurate, low cost, easy-to-use devices to identify and quantify the presence of wheezes.

The Company is focused on pulmonary acoustics as diagnostic and monitoring tools for managing asthma.

Asthma management requires definite diagnosis, accurate assessment of control, and long term follow up. With KarmelSonix technology it is possible, for the first time, to do so without the need for extensive patient cooperation. Automatic wheeze, cough and breathing detection facilitate quantitative, objective and noninvasive assessment of asthma activity for all ages and around the clock. It optimizes patient care in individuals such as young children, as well as the elderly, and in scenarios where spirometry is not feasible.

KarmelSonix technology offers immense advantages with respect to the capture, storage and analysis of respiratory sounds objectively and without relying on patient cooperation.

KarmelSonix is dedicated to providing a full range of products, all based on its core technology, but implemented in the configuration that is most appropriate for its use - from a patient's home to the Intensive Care Unit.

KarmelSonix current products list include:

• PulmoTrackÒ: An excellent choice for asthma monitoring and for patients who cannot perform spirometry; such as small children, elderly and acute asthmatics.
• WholterÔ: A 24-hours wheezing and cough recorder in the patient's own allergen environment and for evaluation of Nocturnal Asthma.
• Personal WheezometerÔ: A home use personal novel device provides the patient with real online information as to his Wheeze rate situation.
• ASAM (Acoustic Severe Asthma Monitor): Technology aimed at the emergency medicine and intensive care units, focusing on injecting sounds into the thorax and picking up the changed signal at various locations, reaching diagnostic conclusions from the sound propagation data.

Peter Mark sits on the board of Karmelsonix Limtied as a Non-executive Chairman.

www.karmelsonix.com.au

Spitfire Oil Limited (AIM : SRO)

Spitfire Oil has been purposely formed to exploit the substantial Salmon Gums lignite deposit in Western Australia. Originally discovered by BHP in the early 1980's, the Salmon Gums resource has a high Kerogen content (a hydrocarbon) which is able to be converted into a light form of fuel oil using existing process technologies.

The deposit comprises a JORC inferred category resource of 519 million tonnes of lignite. Based on laboratory proven oil extraction rates, the resource is estimated to contain an extractable volume of approximately 200 million barrels of oil.

The lignite occurs at shallow depth (averaging 20 metres below surface) and averages 14 metres in seam thickness. The deposit is located within 100 kilometres of the Esperance deep water port and is well served by existing road and rail infrastructure. Despite extensive exploration, the 500 square kilometres of tenure held by Spitfire Oil, under six exploration licenses, has been partially explored. The tenements offer potential for significant increases in the defined resource, with many prospective areas as yet un-drilled.

Since its original discovery, 220 holes have been drilled to a total depth of over 8,000 metres and a number of bulk samples submitted for laboratory testing. As a result the geochemical, geological and physical properties of the resource are well understood.

A number of commercial technologies exist to convert Kerogen into liquid hydrocarbons. Spitfire Oil intends to adapt and optimise available technologies into a technically and commercially viable process suited to the specific characteristics of the Salmon Gums lignite. In essence, this will involve gasification and liquefaction of the Kerogen-rich lignite through a process known as pyrolysis. We refer to this as the Lignite2Value Process, or L2V. Spitfire Oil has sought and has received independent professional confirmation that the L2V concept represents a potentially feasible route to commercial production of fuel oil.

www.spitfireoil.com.au

Atlas Iron Limited (ASX: AGO)

Atlas recently joined the ranks of Australian iron ore producers, with the first shipment of ore from the Company's Pardoo Operation leaving for Chinese steel mills in December 2008. Since listing on the ASX in December 2004, Atlas has built up a number of quality iron ore projects, located close to infrastructure, on one of the largest landholdings in the Pilbara. The Company has quickly defined an extensive resource and reserve base, capable of being mined with relatively low capital expenditure, and is aiming to grow its production profile rapidly.

Atlas has demonstrated that there is an important role to play for new mining companies in the iron ore business. As well as generating real value for shareholders the Company is intent on creating a lasting positive impact on the social infrastructure of the region.

In December 2008, Atlas announced a 30% take-off agreement to a mid-sized Chinese steel mill helping to secure the viability of the Pardoo DSO Iron Ore project. In March 2009, Atlas entered into long term off-take agreements for further 50% of the Pardoo DSO with two medium-sized Chinese steel mills. As a result, Atlas has now entered into three off-take agreements for 80% of its Pardoo DSO product for the next 3 years. A further offtake agreement for the remaining Pardoo volumes is expected to be executed shortly.

Further complimenting this announcement, Atlas also released to the market further high grade intersects at the Pardoo Iron Ore deposit, which allowed the Company to upgrade its resource by 45% to 56.7 million tones.

The latest discovery at Pardoo continued the outstanding recent exploration success, with four new DSO discoveries at the Abydos Project, 120km south east of Port Hedland, and a significant new DSO discovery at the Wodgina Project, 100km south of Port Hedland.

www.atlasiron.com.au

Mining Projects Group Limited (ASX: MPJ)

Mining Projects Group (MPJ) is a minerals exploration company, specifically undertaking exploration for gold mineralisation in Western Australia. The company also invests in a range of primarily resource-based companies with the potential for high growth.

MPJ's current exploration focus is its 80% owned Talga Peak Project (Talga Peak), located in the Pilbara, Western Australia. This project was initially being targeted for a shallow to moderate depth VMS style mineralisation, but also has some prospectivity for direct shipping ore (DSO) grade iron ore.

The MPJ business model has pursued a consistent strategy of committing exploration funds to finance and develop prospective resource projects. The fundamental strategy is to take these projects to a stage where they are considered to be stand alone projects or alternatively are subsequently sold, joint ventured or exchanged for shares in new ASX listings or existing listed companies.

During the course of the last five years projects initiated by MPJ have been resourced and developed and have formed the basis of ASX or international listings or exchanged for shares in companies such as:

• De Grey Mining Limited
• Jackson Gold Limited
• Eleckra Mines Limited
• Atlas Iron Limited

The company has also actively supported new listings with the provision of expertise and seed capital which has resulted in MPJ becoming a significant investor in companies such as Atlas Iron Limited and a number of other mining related entities.

The company intends to continue with its goal of identifying prospective opportunities in the sector, providing short term and seed equity funding to new projects and participating in new ASX listings.

The company holds several strategic investments in other resource companies, creating exposure to various other deposits, commodities and geographic regions aimed at creating further shareholder value. The company will continue to evaluate new prospects, either to develop directly or to take a major cornerstone investment as a key shareholder.

Currently, MPJ has strategic investments in a number of public listed companies including Atlas Iron Limited (ASX: AGO), Mintails Limited (ASX: MLI), Eleckra Mines Limited (ASX: EKM), West Wits Mining Limited (ASX: WWI) and Watermark Global Plc (AIM: WET).

The company will continue to evaluate new prospects, either to develop directly or to take major cornerstone investments as key shareholders.

Bryan Frost sits on the board as Executive Chairman.

Richard Revelins sits on the board as Executive Director.

www.miningprojectsgroup.com.au

EnterMo (unlisted)

EnterMo Limited (EnterMo) is a technology innovation and development company, delivering cost effective wireless mobile solutions targeting industrial and field workforce end-users.

Incorporated in 2007, EnterMo is an Australian unlisted public company which has invested more than A$4.5 Million in research, development and marketing of the EnterMoCaseÔ, a ruggedised smartphone enclosure for field use. When fitted with a BlackBerryÒ CurveÔ 8300 Series smartphone ("BlackBerry") , the EnterMoCase provides field workers with the benefits of a BlackBerry smartphone combined with additional functionality, such as data capture for signature and digital barcode reading, in a single handed ruggedised case.

The innovative modular design of the EnterMoCase provides the basis for low cost development of a wide range of product variations to exploit the specific requirements of various industries. The case can be adapted to a variety of modules for other data capture technologies including 2D barcode scanning, Radio Frequency Identification (RFID), smart card, contact-less smart card, and bio-metrics providing flexibility to the device not offered by competitors.

EnterMo is a member of the BlackBerry Alliance Program which provides support to EnterMo with access to product development, marketing and sales support.

The EnterMoCase is the only single handed ruggedised smartcase on the world market today that supports the BlackBerry smartphones, which enables organisations to capitalise on these benefits in tough industrial, transport and fieldwork environments and also enables Research In Motion Limited (RIMÒ), the owner and developer of the BlackBerry smartphones, to accelerate their penetration into this marketspace.

In October 2008, EnterMo manufactured 350 units for evaluation and testing by key parties including; BlackBerry Systems Integrators (SI's), RIM Technical Account Managers (TAM) and worldwide telecommunication providers.

This has resulted in a number of major organisations testing trial units and now expressing interest to conduct field trials of the EnterMoCase over the next seven months.

If EnterMo secures a successful field trial with the US Postal Service is anticipated to lead to a roll out of 360,000 units over a 3 year period. Bell Industries have purchased 45 units for the development of an application within Philip Morris, as well as Disney evaluating 20 units to establish 'proof of concept' before undertaking a major trial across a number of different business segments within Disney.

Units have been also been placed with key SI's for development of applications for the EnterMoCase targeted at a variety of industries including manufacturing, transport, logistics, field service, utilities, public safety and security.

The Ruggedised Market

The EnterMoCase is the only single handed ruggedised smartcase on the world market today that supports the BlackBerry smartphones.

When a BlackBerry is combined with the EnterMoCase, significant advantages can be, achieved including;

• Lower up front costs
• Live and Always on, Always ConnectedÔ
• Lower ongoing costs
• Increased battery life and better power management
• Design flexibility for upgrading
• 70% compression for email and data;
• Triple DES & AES Encryption Standard Certified to meet the FIPS 140-2 for NA, NATO, UK and Australian standards

The Opportunity

With only 2% of the potential ruggedised market satisfied, and with that current penetration valued at $9 billion, the opportunity for EnterMo is substantial.

EnterMo expects to gain market share by leveraging off BlackBerry's success as the dominant business smartphone platform. EnterMo believes that the key advantages that led to this success, will also be key reasons why a ruggedised BlackBerry solution with additional functionality, will successfully penetrate the ruggedised market. RIM acknowledges the ruggedised market as a substantial un-tapped opportunity and is currently presenting EnterMo as their only ruggedised mobile solution.

Companies who have adopted the BlackBerry platform for their corporate requirements have already qualified the benefits of the BlackBerry platform over the Microsoft alternative. These organisations are looking for a solution that will drive these benefits deeper through their operations and enable them to consolidate to a single platform.

Richard Revelins sits on the board as Chairman.

www.entermo.com