Ann: Tailings Retreatment Plant Update , page-17

I am not negative but tell the facts as they are and some of these facts are negative, indeed. Just as an example CNQ produced roughly 2200 MTU of WO3 in 6,5 months. That's less than *half* of what they should produce in *one* *month* ("50t Mth" as Todays put it). This is a fact. It is neither "negativity" nor is it fabricated by me. Everybody can find this information in CNQ's own press releases.

CNQ could have booked revenues of at least 5 million Dollars by now assuming a normal production ramp but what we've got so far is 1/10 of that. Another fact. Obviously this must have had an effect on the company's share price. The market values CNQ according to its achievements and these achievements until this week fully justified CNQ's disappointing share price performance.

As I had said repeatedly, the company has a lot of potential but this potential has to be realised! I hope they will now be able to reach name plate throughput and make some money. The $435/MTU and $400/MTU windows have closed and we now have to cope with $350/MTU. Fact again.

I want to make money with my investment in CNQ but this is not accomplished by closing our eyes and pretending everything was fine. The potential became obvious and was priced in years ago. Now it is all about execution!