Ann: Saki Final Trench Sampling Results Including 1m @128g/t Au, page-16

Hi Kaiser gavin,

FNT have put out on average about 1 of these types of announcements on surface field work per month. Some better and some perhaps a little worse. The only times these announcements have made more than 1 to 3 pips has been when the traders have decided to have an FNT day and these have been co ordinated well to a couple of the better announcements. One in January and another in May I think when volumes where in excess of 100m shares traded per day. The only other announcement that has made any in roads has been the beginnings of REE venture. Otherwise it has been a slow progress gain from a market cap of a few million to about 14million. Sometimes on days like today nothing much happens. I have given up trying to make sense of the trading and furthermore the trading days have only appeared this year and out of the blue. I have followed this stock for at least 12 years, held stock for a few of those and its always been undervalued relative to announcement results bar a couple of years when FNT had some decent JV's with majors and it had a better market cap. I put the undervalue part down to it mostly operating in PNG. It would be at least double market cap if operations were in Australia. Very fustrating to hold I'm sure on days like this.