Ann: Quarterly Activities Report, page-18

Nothing outstanding in the ANNs , certainly not enough to get the market overly excited but it should be enough to put us on a few radars of those who will await a production/sales report. PMC results are i think going to be very interesting..... they are either going to be extremely promising or extremely disappointing but i think PW and the board are going to hold onto that info until the last possible moment as ( and this only my opinion ) they KNOW that this is a trump card and don't want it out in the market place until they absolutely have to. All in all i think this ANN doesn't see us badly placed at all and in fact it appears we are still well positioned to make the most of the current TIN markets .......... there are much worse places to be invested right now than ANW . I'd award somewhere between a B and B+ on the latest info.