Back to the Basics, page-8

Thatsgold,

Thank you very much for your post.

Clearly we have Mits as the cornerstone investor ($14/$15 USD Board Approved LOAN last Quarter) and with Mits financed due diligence etc confirming it is a very viable project.

The $14/$15 USD LOAN will fund the stockpile processing plant (18 Mth Payback 5 years plus life). Mits contract sitting on the CNQ Boardroom table.

Understandably Mits, CNQ’s Board & Shareholders would prefer to see a fully funded project. This takes time.

We should also remind ourselves the recent options were completely taken up. The Directors are taking shares instead of Cash. The CEO is taking his bonuses in shares. Jim Morgan joined CNQ in January 2012 and now holds 5,798,801 shares and 2,000,000 $0.20 options expiring Nov 17.
Jim has personally invested $753,844 at $0.13 into CNQ in the last 3 Years.


On the 25 Feb 13 CNQ signed the Memorandum of Understanding with Mitsubishi and the Mits Board approved the money in Nov 14. (Around 20 Months)

Yes it is frustrating but Mits and Jim have put there money where there month is.

Please DYOR.