Ann: Rock Samples Up To 14.5g/t Au Confirm High Tenor at Saki, page-103

Hi UFX,

Why do you think that FNT will have problems commencing drilling at EL2531 almost immediately i.e. after all three sets of the field work assay results have been received? (the rock chip assay results are already in).

FNT have their own diamond drilling rigs (3 as far as I know) which are in perfect working order and ready to go. i.e. no delay here.

With regard to how management has operated in the past, since June 27th last year, the ownership structure of FNT has drastically changed and thus there is also a new management team directing operations.

IMVHO, things are progressing extremely well and quite quickly i.e. within 7 months, the new owners and the management team have ensured that the entire focus of FNT's activities is now on EL2531. As part of these activities, the FNT team analysed a large amount of previous exploration data from EL2531, and as a subsequence, they sent a team to EL2531, who conducted 3 months of extensive field work, which has recently been very successfully concluded. It is particularly worth noting that the local landowners helped with this extensive field work program, i.e. the digging and the collection of hundreds of rock chip, trench and soil samples.

And all the above with incredibly low cash burn.

Whilst it is always a good idea to be cautious about time frames when in comes to mineral exploration in PNG, at the present time I see no reason to believe that drilling at EL2531 will not be underway before the end of May.

Cheers!