cnq and its spinoffs.

For those new members to the CNQ family, I have provided some information here that may be of interest to you whilst we contemplate the trading halt, for the old timers, I apologise for repeating what most of you already know.

Our company spun off its Fitzroy and Glentanna Copper Zinc projects into a company called Fitzroy Resources (FRY.AX) back in Nov 2010. CNQ holds around 20%(approx 8,000,000 shares) of FRY to be distributed in-speccie to CNQ holders when they come out of escrow in Nov 2012. The first two holes drilled (2011) at Develin Creek (part of Fitzroy holdings) hit high grade Copper/Zinc/Silver with the following results announced:
FRWD0001 intersected 0.9m @4.5%copper,1.6% zinc,22.9g/t silver(0.8mTW)50m north of the resource.
FRWD0002 intersected 13.15m @ 2.9% copper,3.5% zinc,30g/t silver(11.5mTW)40m south of the resource.

This will surely add to the existing Develin Creek Inferred JORC Resource 1.757Mt @ 1.71% Cu, 2.05% Zn, 8.5 g/t Ag and 0.24 g/t Au.

This gives us something additional to look forward to as 2012 progresses.

In addition, CNQ is also spinning off its Gold assets into a company called Gossan Hill Gold if market conditions permit. A draft prospectus has been completed and IPO is being considered for 2012 (last information I read) if market conditions are favourable.
Gossan Hill Gold will have 4 drill ready quality projects in NSW. Two CNQ projects being Peel Fault (recent discovery) and Weabonga and two vends being Mt Adrah (239,000 oz JORC resource) and Bauloora.
Some of the oldtimers can correct me here but I recall mention being made of an in-specie setup for Gossan Hill Gold similar to Fitzroy Resources. I guess the market needs to improve a bit before comemplating the IPO so I don't expect it during the first half of 2012. But who knows.

I hope I haven't bored you all too much and that some of you got some new information out of my post. I have provided links to the respective websites below where a lot of the news I mention here is displayed.

Fitzroy Hill Resources
http://www.fitzroyresources.com.au/

Gossan Hill Gold
http://www.gossanhillgold.com.au/

Kind Regards,

Banksy