Ann: Quarterly Activities Report , page-13

Perhaps PAN is taking the Ni money at present. Recent exploration and drilling by PAN has been well received. I think MCR is a good co too and particularly well run and focused management good cost control etc... The S African sounding guy (from memory) was particularly impressive. Was seriously looking at buying into it as a play on Ni recovery but I had a stake in PAN and tripled that a while ago instead. I thought and still think the main issue is Ni price for both.