Ann: $58m Funding to Completion of Feasibility St, page-47

re: Ann: $58m Funding to Completion of Feasib... The wet season time that is physically available and what is practical is why actual time is vastly less. Moving trucks vs landcruisers is also two different matters. Site preparation, red tape, generating targets, assay delays, rig availability etc all make it around 3-4mth of real time.

Look at the announcement today its very good news.

So we have great grades, cheap extraction etc but its plain as day that the market is speaking VERY LOUDLY to the board. NTU needs a far far bigger reserve before they will buy. The spiral to settle NTU @ 0.17-0.20c has happened since the JORC result. It's uninspiring and even with this so called big $58m announcement for the company to complete feasibility .... the market is not interested based on that JORC. Otherwise we would be at 0.30-0.33c or higher with volume behind the increase.

The board need to forget the folly of jumping the gun and need to concentrate on its achilles heel THE SIZE OF THE JORC. That's why even if NTU started building a plant next week, on that JORC the market will have no interest in becoming involved. You have to walk before you can run and we are just starting to walk.

Conglins no fool and could see that this small but rich JORC brought no market interest (or new predator interest), so it was the perfect strike time. Had the financial market been better and he been in a better cash position I am positive he would have moved on a takeover.

He knows the potential, but he also knows the current market holds no value on potential or maybe's. All of which (with no other predators around) make this the ideal time to lock in a bargain at shareholders expense.

What is surprising is that the board has ignored the markets very obvious response. The board also seems to have written off it own potential in a rush to sign away a good slice of its première Browns Range HREE project. The only other way to read it is that the regardless of announcement bravado the board thinks that all Browns Range has to offer.

The 16% just makes no commercial sense at this premature stage. The market has spoken loudly on this announcement and by the board ignoring the market it can only effect shareholders.