Ann: Lyons 12 & 13 Drilling Extends High Grade REE & Niobium, page-81

The ironstones which contain the REE's ( as with the nearby DRE and HAS deposits) are at multiple different locations within our lease. The results are from just one of these, the first to be identified and rock-chip assayed, so it was the logical starting point for drilling. In fact, based on outcropping rock chip assays from some of the other more recently identified and mapped outcrops, it was likely not the best choice to start with but this was not understood at the time the drilling was planned. I think many who sold today are not aware or have forgotten there is an abundance of different outcrops emanating from the 12 or so carbonatite intrusions on the lease. So we have only drilled a very small amount of the total outcroppings and any of these could yield much better results. We have the grade which is excellent ( Nd/Pr ratio) and we have strike length, what we need is thicker intersections but having said that the intersections on DRE and HAS leases are not so wide either. I understand the share price reaction today but its just very very early days in the exploration effort.