Cameo Industries Corp - Ordinary Shares CRUUF

Earnings Results

[Oxyurid]

Well, since no one has posted it, I guess I will. For the 6 months ending 31 December 2002, Crew lost $0.07/share or $9.6 million. Not surprising since they were not producing any gold, but with the recent acquisition of ETC the cash burn should lessen to some extent. Their only source of income was from their small stake in Meterox, of which the amount from Meterox will diminish for the next quarter due to Crew selling more shares of Meterox to purchase their interest in ETC, correct or is their interest (this is listed on their web site, roughly around 20% in each mine) in each project in Africa fixed at that amount? Since the cash burn will still be significant I wonder if any other activly producing gold mines will be purchased in the near term as one could interpret from their ETC NR ("...as well as other projects where Crew is investigating the potential for near term production and cash flow..."). However, this may lead to more dilution or the selling of more Metorex shares. Joergen have you heard any rumours about forthcoming purchases? Anyway, I'm not sure if this is about as good as we could expect or not, comments? I'm thinking it is, but should get better as we are now producing gold with the ETC acquisition and will be producing more this fall, assuming the permits come in a timely manner. GLTU Cheers, Oxyurid