Ann: Pernatty IOCG Project - Drilling Update, page-47

I dare say there are many who have either followed, held and/or traded TAS over the years fly19. For one, Nursery has long touted the benefits of a relative value trading method, which he says largely works for him and presumably others as well. I have held large parcels at different times in both TAS and EDE and I have also used the relative EDE/TAS positions.

With TAS now in the ascendency, largely based on the prospects for the upcoming drilling programs, along with the EDE and CNJ investments, then I can see why you are openly buying a considerable parcel today fly.

In my view, the shift to TAS, reflected by the relative market values, suggests to me that along with a good deal of other resource based companies, TAS has chosen an opportune period to ‘get digging’. One can only wish the best for those prepared to participate.

Regards, esp.