Ann: Drilling Commences at Morrisey Ni-Cu-PGE Project, page-20

As far as valuations go, Ausquest as a company in my opinion, is still an undervalued exploration company. Without S32 what would the value be? Barry Fitzgerald in his report a few months ago stated "any company can have a $50 mill market cap... "

Those who have been able to purchase at these levels will be rewarded well if any mineralisations are found in any of the 10 projects. S32 want Tier 1... so what happens to a Tier 2, Tier 3 etc ... A sellable asset worth $$ we are still in talks to maybe offload one of the projects ...

Each week is a new week and closer to results coming back to the company. Of course having S32 also looking over the results is a good backstop.