When Assays ?, page-137

Hi Smithy,

Thanks for sharing the contents of your conversation with GLP (which pretty much confirm exactly what I have heard over the past few weeks from other circles).

I can only personally add, that there will obviously be more than a few more rounds of assay results from the MTJV drilling (Phase 1 and Phase 2), which will be announced over the coming weeks and months, and it is highly likely that at least some of these assay results will surprise to the upside, for the following two reasons:

1. The excellent prospectivity of the entire Norseman area (Callisto being the latest example).
2. Excellent high-grade nickel assay results from historical drilling carrried out by CNJ and GSR between 2008 and 2010 i.e. right where the Phase 2 drilling is currently being carried out.

In addition, we are still waiting for the final assays from Ryberg and Mestersvig (due very soon?), which could still turn out to be quite okay.

In a nutshell, I believe that in the very near future, the CNJ SP will trade at a level which is commensurate with the quality of the assay results from the MTJV drilling (Phase 1 and Phase 2) as well as those received from Ryberg and Mestersvig.

With regard to rumours of impending insolvency due to lack of funds (which I have not heard outside of HC), these are just that i.e. they can be totally ignored.

In the meantime, like you, I will hold and wait.

Best regards.