Pecunix

Audit Report	Glossary and Index

Audit Report:

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<MintRequest rid="FA2E93A44E123E58B851">
  <Mint action="create">
    <CurrencyID> GAU </CurrencyID>
    <Amount> 37064.8623 </Amount>
    <Payee> MINT ACCOUNT </Payee>
    <Bar>
      <Brand> AGR </Brand>
      <BarNumber> 84628 </BarNumber>
      <GrossOZT> 402.025 </GrossOZT>
      <FineOZT> 400.457 </FineOZT>
      <Assay> 0.9961 </Assay>
    </Bar>
    <Bar>
      <Brand> AGR </Brand>
      <BarNumber> 89372 </BarNumber>
      <GrossOZT> 395.825 </GrossOZT>
      <FineOZT> 394.320 </FineOZT>
      <Assay> 0.9962 </Assay>
    </Bar>
    <Bar>
      <Brand> AGR </Brand>
      <BarNumber> 89373 </BarNumber>
      <GrossOZT> 398.400 </GrossOZT>
      <FineOZT> 396.886 </FineOZT>
      <Assay> 0.9962 </Assay>
    </Bar>
  </Mint>
</MintRequest>

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I, Adrian Sinclair of BDO Vanuatu confirm that I have 
sighted the documents listed below and as a consequence 
agree to the minting of Pecunix Currency to the value of 
the bars listed in this mint request.

1. Copy of Certificate of Deposit from The Anglo Far-East 
Bullion Company dated 27 September 2002 showing a listing 
of the said bars (total of 1191.663 fine Troy OZ of Bullion)
held in storage container "AF2" for the account of PECUNIX
GOLD FOUNDATION.

2. Copy of Independent Report to Directors by Grant Thornton
verifying that as at 5 September 2002 the bullion storage 
container "AF2" contained the said bars.

3. Copy of Australian Gold Refineries Fine Gold Bar List 
advising the Purity and fine weight of the said bars.

Adrian Sinclair
Partner
BDO Vanuatu

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