Item 8.01 Other Events.

At a Board of Directors' meeting held July 21, 2009, the Board of Directors consider that the write-off of its Madagascan subsidiary is necessary due to the difficulties encountered through the lack of availability of effective local management, the subsequent non-provision of essential accounting and audit information and delays and misleading information supplied by the Mining Cadastre and the Ministry of Energy and Mines on the status of the mining licences held by the Company's wholly-owned Madagascan subsidiary, Union Prospection Miniere. The recent political disturbances and civil unrest have further compounded the difficulties encountered previously in the administration of the subsidiary and accordingly, during the fiscal year 2008 the Directors of the Company considered the decision to write-off the total investment in this subsidiary and the curtailment of all the Company's activities there.