Ann: Quarterly Activities Report, page-29

My view is that the Talisman/Bonanza resource (whatever that may be) is not priced into our SP at all, as there is no previous resource estimate for this zone.



Management have been and continue to be conservative with the classification of the resource estimate, even stating; "NTL have taken a conservative approach; while the data density of the historic sampling would be sufficient to allow classification as Measured Resources NTL have elected to classify them in the Inferred category."