Ann: Statement by Directors, page-5

S
TATEMENT BY THE DIRECTORS
The Directors note the large turnover and decline in the Company’s
share price following the AGM last Friday. They are not aware of any
reason for this, other than t
he unfounded
and malicious
claims by a
poster to a public chat site.
The Directors wish to advise shareholders that the Company is
solvent. As Nagambie Resources
develop
s
its various
industrial
(PASS,
sand and quartz aggregates
, gravel
and landfill)
and
gold
projects, there will be the requirement, from time to ti
me, for capital
to be raised.
In this regard, the Directors have demonstrated their
ongoing commitment by exercising options which have been granted
by shareholders in prior years.
This has happened at times when
funds were required and even when the exe
rcise price exceeded the
share price.
The
PASS Project
is
progressing
positively
and
ste
a
dily
.
The
Directors
are actively engaged in advancing the final perm
itting
required and have been involved in discussions with various parties
to ensure the future success of this project. The Directors remain
firmly of the view that the
two
large transport infrastructure projects
which the
Victorian
Government has commit
ted to construct
will result
in the excavation of millions of tonnes of PASS material
and that
N
agambie
Resources
currently
has the only site with the developed
,
environmentally
-
compliant
capacity
that will be required
.
Tendering
for the Melbourne Metro Rail and Western Distributor Projects is
underway with tunnel
ling for both projects on track
to commence in a
little over 12 months
’
time.