jorc resource, page-3

I really can't see sales contracts before a JORC - simple reason is at this early stage we would have to give too much away - like Metamec had to, to win Toyota

Our worst case scenario if no one is left standing is the Chinese, yes they will want 51%, but with rare earths now being identified as a strategic mineral, I can't see the FIRB permitting that, and they will have to be satisfied with a lower shareholding - but that's worst case

we are witnessing the emergence of the rare earth industry in Australia - and Northern Minerals is on the cusp of being one of the next producers, and hence one of the leaders

unfortunatly whilst it offers so much promise, the reality is Northern Minerals is still a thinly traded stock with few shares on issue

being thinly traded with few shares works in our favour on the way up - but as we have seen it's like an avalanch on the way down - and this is one hell of a bear market, with much more downside to come by 30 June (tax loss selling and a bear market) I suspect

if your spending $5M a quarter, then $11M in the bank will only last about 6 months

so where to from here .... we need a JORC, and it needs to be sufficient to underpin a reasonable mine life - otherwise there will be no sales contracts - just further drilling - that is always a risk

however I believe our high grades will deliver, especially if the proposed concentrate is only 33%

good luck to all Northern Minerals shareholders