Ann: Trading Halt , page-21

However long this Capital raising takes this share is very cheap at these levels. The April 09 report from RBC does not show that between April 08 to April 09 $20 million was spent on drilling and exploration. Just go back through the quarterlies to confirm. The amount of drilling done has seriously advanced the Kipoi project and Lupoto project.

What is also important is that the value of between 11-13c was based on 15% ownership of Kipoi ie 27%x60%. This capital raising is to enable TGS to move to 60% so 4 times the value of between 11-13c.

Any project that has had $20m spent on it and gets high copper grades of 7%+ with serious value adding ahead of it needs to be highlighted. Instos are getting this extreamly cheaply