Ann: Quarterly Activities Report , page-5

Treefeed,

Thank you for your realistic comments.

I think another factor in CNQ’s favour is Tungsten is a strategic metal and due to China’s dominance many countries and corporations need to guarantee supply.

I would also like to think that CNQ’s is cashflow positive.

As announced they have 2 years Tailings stockpile and 4 to 6 years of low grade stockpile which could be self funding (Capex $20Mil) from the tailings profit. (Presentation 5 March)

The Directors are pushing ahead with reopening the open cut ($53Mil) without suggesting a staged process (Tailings, Low Grade Stockpile, Open cut) as originally proposed.

With an announcement of another shipment prior to the AGM would be a boost.

Time will tell.