i just rang nsl, page-8

Hi Taboon,

NSL is spending up to $400k on JV expenditure in order to earn 25% interest in AustInd's project. It's AustInd's baby and NSL is looking to part of the action :)

Then...Following completion of the Stage 1 Exploration Program, NSL will then have an option to acquire 100% of Austind (the party with the rights to the Project).

Stage 1 being ... to December 2008. Data compilation, reconnaissance field work, sampling and assay with a view to identifying an Exploration Potential (allowed by JORC and independently verified) of at least 200MT of iron ore @ Fe 60% (or equivalent thereof).

IMO things appear to be moving quite quickly, when looking at the bigger picture.

I did also question Faldi as to when he hoped to get GEO report to the market, and he basically said if everything runs smoothly then and everybody could meet, and have all the tech data in, then, by end of March. Fingers crossed.

I'm guessing if NSL and AustInd can't meet next week, then we wait for Easter to pass, we then are most likely looking at last week of March - early April for GEO report announcement.

I'm also thinking that AustInd might be looking to possibly list on the London stock exchange, at some stage, due to the scale of what they are doing ...

Iron Ore Hill - Joint Venture with NSL Health who are contributing the $0.4 million to earn a 25% interest for the first phase of exploration;

Kerala Regional - Pursuing land access agreements to up to six potential prospects identified through geological data reviews in the Kerala region outside the area defined for the Iron Ore Hill joint venture;

Karnataka and Goa - Pursuing the evaluation and securing of option agreements over 2 additional major Iron Ore resources one in each State of Karnataka and Goa.

Just have to be patient. Faldi did also mention something about waiting for results to go through regarding 80 rock chip samples. Guess the report will elaborate on assay grades from additional samples over the 3 Iron Ore Hills. Could be very interesting, in a good way... let's hope anyway.