2nd quarter report out, page-2

KR, as I posted recently, the sale by Biddle of some shares was to fund a private property purchase. At least that is what I was told. If so, fair enough. not great from a perception point of view, but fair enough.

The entire market has copped a wolloping, so TNG is not without company, in terms of its share price being down.

Cash burn as you put it would largely be the tale end of the extensicve drilling programme froms last year. Say they spent close to $10m on the exploration programme, and have proved up say 15mt on top of the existing 10mt of resource at say 3% zn eq.....just over a billion of in ground value. I guess a pretty good return on investment. Plus I think they will have achieved some serious other results from their IP work etc along the 80km of strike.

The four things we have to look forward to, as you point out are the resource upgrades for sandy Creek, the initial resource for Djibitgun, the Cawse Extended drilling from Norilsk, and the Enigma spin out. I heard that the MD is presenting in mid Feb at some sort of mining conference in Perth. I suspect that the resource upgrade for Sandy Creek might be out by then.

I re read the quarterly this morning, and what really strikes me is the nickel asset they have in WA, and the fact that Norilsk are seemingly commencing mining on that this year. That resource is a monstor, and they have 20% free carry to production. Bit more patience required here I think. The share register must be tighter than a drum now. Surely the wobbley kneed are long gone.