$6.85 valuation per share becomes serious now , page-16

Following are my conclusions for the possible developemt stages TNG will achieve,

1) CNMC (China Nonferrous Metal Mining (Group) Co., Ltd) is the company who signed Mou with TNG, ECE well contacted CNMC before signed the binding agreement with TNG.

CNMC will provide engineering procurement and construction contract (EPC) and project financing assistance for TNG.

(See my another post)

2) Once ECE holds 30% of TNG, TNG may change strategy to produce Commercial grade concentrate produced by coarse crush and LIMS, at 1.2% V205, 18% Ti02, 55% Fe.

After ECE becomes major SH of TNG, I believe TNG will produce Commercial grade concentrate as its first development stage. I reckon the market price for this product is circa $180/tonne, if TNG can make $60 net profit per tonne and export 1 million tonne per year, net profit= $ 60 million per year, EP= 15c, SP= $1.2-1.5. (fair value)

3)the metallurgical test work alone , once successful, could be a company maker. TNG already hinted many times that the test work has been successful, comments from the company like:

important milestones achieved with its proprietary hydrometallurgical process, (see last QR), International Patent Application Filed, which means the technology is already mature and reliable.

this is a revolutionary technology for the V2O5 industry, MHM story indicates
such technology could be worth $150-350 million or much more for V2O5 case.

4)ECE will buy up the SP after it acquires 30% of TNG

This is always the case, once major SH finish topping up, they normally buy up the SP so as to form a much higher support for the SP.

5)Result of Copper Exploration at McArthur River Project, is due now and will be released anytime from now on.
Not sure why ECE keeps close eyes on this project, imo it must already know the positive early results, I will contact TNG to ask why the board would not like to release recent positive research reports, Exploration results and so on. Remember, old park lane has updated twice 27c in this month, but TNG did not release to the share market, this is a serious breach of ASX listing rule. (the only possible reason is TNG worry the high SP will kick ECE out I think)

6) TiO2 price keep soaring, same as titanium which is now $12.5/LB

Asian titanium dioxide (TiO2) prices jumped from $2,800-3,000/tonne CFR (cost & freight) Asia in mid-February to $3,300-3,500/tonne CFR Asia in mid-May 2011, on the back of strained supply and strong demand.

http://www.icis.com/v2/chemicals/9076545/titanium-dioxide/pricing.html

to see Titanium Prices chart:

http://www.metalprices.com/pubcharts/public/titanium_price_charts.asp

TNG reported Results from the NITON recorded anomalously high readings of 22% for titanium, 0.4% for vanadium and 56% for iron.

22% for titanium is an excellent grade, imo the Potential New Regional Titanium-Vanadium Discovery has much more potential than the existing JORC area.

7) I agree with the near term 27c per share valuation and my personal mid term SP target is at $1.25-1.7. IMO the worst case for TNG is to produce Commercial grade concentrate but even if so, TNG is still worth $1.00.

8) Location and infrastructure fartors indicates development for Mount Peake Iron-Vanadium-Titanium Project is a must for NT, nothing can stop this happen. Resource can be found eslewhere in Australia but location is non- duplicated.