Ann: Investor Presentation, page-8

From my notes from the NWR Virtual Resources Conference, Adam Schofield said that the early phase of exploration at Woodline is similar to the timeline for the discovery at Tropicana which was originally based upon a surface ground anomaly of 5ppb; the footprint at Grindall-Redmill-Harvey is a 'greater scale anomaly' compared to Tropicana. He was asked in Q&A why Newmont walked away and nobody else wanted to take the joint venture baton. In the end the question will indeed remain whether Nelson can do better and whether it can raise the funds to have the opportunity to find out.

Too many explorers are looking for small deposits. At least, Nelson is looking for a massive deposit in an area where tenure has been recently snapped up and where a significant target has already been identified by a gold major. The key is to refine the target for the next drilling program and I'm not sure exactly what they have in mind. Its what I need to find out. It would certainly be reassuring if the directors significantly supported the next placement.