Ann: PASS Update, page-9

I agree Fishi.

While many of us will be disappointed in missing this first tender I think there was always a question about getting it due to the relatively small volume of PASS involved (which others may be able to handle). Of course the main contracts will be a whole other story.

I think a lot of SH will also be interested to get a heads-up on managements plan to keep NAG moving forward in the coming months while we wait for results of subsequent PASS tenders.

We have huge sand and gravel assets and great gold possibilities which can all support a growing MC and SP.