8.  REGISTERED CAPITAL

2.8.1 Registered Capital

(a) Registered capital as at 31 December 2004:

  ------------------------- -------------------- -------------------------
  SHARE TYPE                No. of Share         PAR VALUE (Baht)

  Authorized Common         605,551,570          1

  Paid-Up                   605,551,570          1
  ------------------------- -------------------- -------------------------

Capital Increase Exercise

Private Placements: At the last Annual General Meeting No. 10/2004,
shareholders voted to approve the allocation of 100,000,000 shares to be
offered for sale on a private placement basis. Two private placement
exercises have thus been completed in 2004. Firstly, on 25 June 2004,
the company registered an increase of its paid-up shares with the
Ministry of Commerce from Baht 505,551,570 to Baht 554,837,270. And
secondly, on 30 September 2004, the Company’s paid-up capital was
increased to Baht 605,551,570

The above private placement exercises were commenced and completed to
provide fund for the Company’s gold mine project in Loei province and
also for the Company’s condominium project on Ratchadapisek Road. The
rest of the fund was for working capital for the Company’s business
needs and to meet immediate financial obligations. Funds realized from
said private placement exercises are for the exclusive use of the
Company and its controlled

ESOP Implementation: Pursuant to the Annual General Meeting No. 8/2002,
whereupon shareholders approved the Company’s implementation of an
Employee Stock Option Plan, the ESOP allocated 39,000,000 shares to be
offered to directors and staff over a two year term at 0.68 Baht per
share in year 1 and Baht 0.734 per share in year 2.

In year 1, 17,097,000 shares were subscribed and the registration was
completed in February 2003. In year 2, 67 staff subscribed the remaining
21,903,000 shares. The subscribed shares are also subject to a one year
silent period in accordance with the ESOP guidelines approved by the
shareholders. The Company completed the registration with the Ministry
of Commerce in April 2004. The paid-up capital was increased from Baht
483, 648,570 to Baht 505,551,570.

(B) Thai Trust Fund (TTF): The Annual General Meeting of Shareholders
held 18 April 1997 resolved that the Company would participate in the
TTF and authorized the fund to invest in the Company up to a maximum of
20% of the Company’s total issued shares.

Participation in the TTF is for the benefit of the Company’s
shareholders and to enable market liquidity. By participating in the
TTF, foreign investors will be allowed to invest in the Company beyond
the 30.0% limit currently placed on foreign investment in the Company.
Investors utilizing TTF will receive all the financial benefits of an
ordinary investor but will have no vote rights at shareholder meetings.
The SET confirmed the Company’s registration on 15 July 1997 and trading
under the TTF was enabled during the same month.

(c) The Company listing status : In November 1997, the SET notified
Management that the Company had not generated enough income from tin
mining activities to warrant listing on the stock exchange.
Consequently, the Company’s shares were suspended from trading on 23
December 1997. The SET also stipulated that a financial advisor be
appointed to the Company and that an Operational Plan be developed and
submitted to the SET. The Company complied with the SET requirements,
and in cooperation with the Company’s appointed financial advisor,
submitted an Operational Plan to the SET after approval by the Board of
Directors and shareholders at its AGM in April 1998.

As required, the Company reports its project activities and progress to
the SET quarterly. Within these reports, the Company compares actual
results with the financial projections presented in the Operational
Plan.

The SET approved resumption of share trading on 25 March 2003 under the
REHABCO sector pursuant to the company’s request to do so on 24 February
2003

2.  First Top Ten of Shareholder Group as at 31 December 2003.

  ------------------------------------------- ---------------- -----------
  Shareholder                                 # of shares      %

  Thailand Securities Depository Co.,Ltd      378,184,514      62.45

  Sintana Holdings Limited **                 50,409,880       8.32

  Paron Resources Inc.*                       40,500,000       6.69

  Sino Pac Investments (L) Ltd*               20,988,070       3.47

  Paron Holdings Limited*                     20,250,000       3.34

  Mr. Khoo Teng Wah                           27,785,700       4.59

  The Ministry of Finance                     15,000,000       2.48

  Mr. Krieng Kietfuengfoo                     12,000,000       1.98

  Mr. Sukkij Rodpradit                        4,202,510        0.69

  Mr. Prakit Pradipasen                       2,500,000        0.41

  Mr. Ronald Wai Choi Ng                      3,547,490        0.58

  Ms. Uthaithip Sukasem                       1,500,000        0.25

  Other shareholders                          28,683,406       4.75

  Total as at 31 December 2004                605,551,570      100%

  Total Thai Shareholding                     423,886,099      70.00%

  Total Foreign Shareholding                  181,665,471      30.00%
  ------------------------------------------- ---------------- -----------

  * Related Companies

  ** 1. Another 8.32% are held under Thailand Securities Depository Co.,
  LTd.

  2. Shareholders are Authong Enterprise Limited, Sintana Resource
  Limited, Aspac Construction Limited

2.8.3 Dividend Payment Policy

The Company has not specified a fixed policy on dividend payment.
Payment will be based on profit, or the Company’s performance.