2nd quarter report out

Cash burn for the quarter of $3.393 million offset by capital raising of $4.969 million, leaving cash of $5.665 million.

Based on the 3rd quarter having minimal expenditure due to wet season we will need to raise capital over this quarter to remain a going concern. Assume this will be no problem even when considering current market climate. At what price they can obtain is another matter.

Over the past month, the following changes to director's interests have occurred:

- Edward Fry acquired 1.5 million unlisted options excercisable @ $0.49 expiring 31/03/10

- Neil Biddle has sold 1.6 million ordinary shares for $510,000 off-market (he also sold 600k shares for $330k in November).

Meanwhile the sp has slipped to be trading below 40 cents consistently and we are awaiting the following:

- Resource upgrade at Sandy Creek
- Resource estimate at Djibitgun
- Norilsk updated estimate at Cawse
- Enigma spin-off

So far, not the best start to 2008, but I am confident the drilling program in 2008 (which will also start on Browns and Landandi) will deliver the results that all TNG holders have been looking for.