Ann: Suspension from Official Quotation, page-27

Melburnian, plenty of gold.

Mt stirling this time last year was 150m strike now 1100m. It is open Se, nw, east and at depth.

To the nw and on the same structure is hydra, going back a bit, there was a drill there for a positive assay.

Arsenic vectoring found viserion on the nw end of Mt stirling, and we have an insane 3000ppm AS at hydra.

Moving to tyranuus, I can't see drilling, but it's on different sheer, but the sheer has delivered red many deposits, tyranuus sits across a splay also.

Stirling Well. Drilling deep into granite has returned quartz. Reds koth is associated with granites.

Mt stirling is not. Diorite is though.

Diorite, dacite intrusion. Much alluvium and historic mines that are very high grade.

Blue jacket, a historic drill got positive assay.

Every area, bar tyranuus and diorite has had a positive drill.

Tnr basically sits on faults, sheers and splays. The amount is crazy. Load up Google earth 3d and take a peak.

But that 3000ppm arsenic at hydra is same level you get in mine tailings, its a poisonous level.

When gold formed, in this area, it was attracted to arsenic. The more arsenic, the odds are there is more gold real close bye.

As to the MRE, the area had no infill and if we look at the longitude map, many blank areas, cross section maps of that area, show undefined shoots, there is potential to widen that area.

Sure 100k was average, but many potential zones, surface, these shoots were not included.

MRE means nothing to me knowing that, what will interest me is the figure when everything is included.

I am still looking to 600k oz when that mre is upgraded and if Mt stirling does go to hydra. I believe I'm prudent also on ozs.

As for selling monger, if they kept it, they would have needed to raise 5m to explore it. They prevented a cr.

Also they hold 10% soi and 20% jv, so have kept there hands on it, whilst extinguishing liability. Also the liability, exploration on the books is now a liquid asset.

Ie. Most likely helped to debt fund tarmoola.

Malcolm, straight cash in for that, maybe no use as to far away from reds koth mine.

Tnr, if prople have forgotten picked up extra ground at diorite recently.

Tarmoola final to lower exploration costs, brings in cash and does provide earth moving equipment to facilitate a test pit and basically no cost or logistic setup.

All the next 6 months we need is drilling and assays as everything has been tidied up prior 6 months.

Claudio has defined many drill ready targets that were just a dream 6 months ago also.

All for 23m cap. Within that cap is 20m tax savings for a profitable gold miner.

Ie. Tnr taken out for 23m, 60m accumulated losses transfered to new owner, 20m extra profit.

New owner gets everything for 3m bucks. That's real cheap for 130k ozs, that starts at the surface.

If it was red, strip no overburden or 5m and truck just 15km. Rms paid 500 plus per oz for spx and are making 1000oz profit per oz.

So Tnrs 130k ozs is worth more than we think to the right player, esp if no cap costs to rip it out.

I am happy to wait out the next 6 months as decks are cleared now for the business end.

We may not exactly know what's tnrs plans are, but I bet they sure do by the posturing and slim down of the fat.