Ann: Quarterly Activities Report , page-9

"what is the news?" - the news is that we now have a summary from management of where we stand. One of the problems I had was that we were strongly led to believe that we would get assay results early December. They did not arrive and there was no comment as to why.

Now we have a really good summary of where we stand AND an explanation that assay results are still being done. I have been recently critical but this report gives me confidence that management is back on track. Its main problem I think was that it did not fully appreciate the difficulty in getting anything done in the holiday period from early December - now we know where we stand and I think that is good.

We still have the assay result and the re-evaluation of the ore body at Mt Peake. The reason I significantly increased my holding in TNG last year was the vanadium AND the Chinese interest in it. I don't think the Chinese would be there unless there was real potential!!