$6.85 valuation per share becomes serious now , page-20

ATI's Windimurra Vanadium Project is comparable with TNG's Mount Peake project and will be into production very soon.

"Growth in the use of titanium alloys is also expected to increase vanadium consumption. The titanium content of aircraft is increasing with each generation. The soaring demand for new passenger aircraft, estimated by Boeing to an amount of 30,000 new aircraft by 2027, will drive titanium consumption and therefore vanadium demand."

ATI acquired Windimurra Vanadium Project from Swiss-based Xstrata.

The total resource was 210 million tonnes at 0.47% V2O5
( may, 2011 figure)

I think TNG's Mount Peake project is comparable with Windimurra Vanadium Project both in grade and reserve.( The new TNG JORC could be upgraded to 200mt at 0.34 V2O5 7% TiO2)ATI's V2O5 grade is higher than current TNG's V grade, but TNG's TiO2 has significant commercial value as well.

Windimurra Vanadium Project will be in production very soon,once successful, it could be a catalyst for TNG's SP.

Windimurra Vanadium Project

With reserves of 210 million tonnes at 0.47 per cent vanadium pentoxide (V2O5), it is reputedly the world's largest undeveloped deposit and would have a life of 30 years to produce 16 million pounds of vanadium costing US1.60 per pound. To produce 7200 tonnes of V2O5 per year, it will represent 7 per cent of world production.

--costing US$ 1.60 per pound to process 0.47% V2O5 ore!

I donot know TNG's TIVAN process can produce at lower cost than this( US $1.6), but this clearly indicates: TIVAN process is not very important for TNG's Mount Peake project develoment. $1.6 is quite okay compared with current V2O5 price $6.5-8/lb. TNG still has huge TiO2 potential.

All in all, the successful development of Windimurra Vanadium Project will strongly indicate how market undervalue TNG's Mount Peake project.

ECE is playing tricks buying at 8.9c selling at 9c to try its best to secure its 11c offer. I am laughing at this trick. Not a real seller there, not a real buyer there.

9c for 4 days already, cash backing will be 5c after ECE deal, copper results due, JORC is due, TIVAN process due, all these results only worth 4c per share?

TNG's project location is worth much much more than 20c per share.

ATI will verify the ture value of TNG soon--- much higher than $1.00! My figure is based on 45% TiO2 production only.

To produce 1 million tonne 45% TiO2, selling $350/t, net profit $60/t =$60million/year = 15c EPS, fair value SP= $1.50 per share. This is why ECE is playing tricks on TNG, even if there is no Value for V2O5,FE, considering TiO2 alone, TNG is worth $1.50/share!

However, ATI will verify TNG's V2O5 also worth $1.50 per share.