Ann: Bonus Options & Timetable, page-154

Excellent analysis thaiinvest - I didn't consider the dilution aspect of the bonus shares upsetting prospective investors, good point.

Agree with you also that the delay in the scoping study coming out is hurting us - people are starting to doubt that 'this is all that it's cracked up to be'.

With regards to using the 'TIVAN' process, I probably wouldn't go along with you there especially as it seems more than likely that we'll get there with our own patented AMV process. I would consider partnering with TNG on 'TIVAN' if it looked like AMV wasn't going to work out.