Ann: Tennant Creek Drilling Update, page-14

Well that is true and when the buyback was announced a lot of us assumed the buyback would set the price soaring. That hasn't happened. on the contrary the SP has slipped and the mgmt is happy accumulating at this rates.

Secondly there was also high expectations that we will hit high grade gold. This expectation stemmed from that fact that we are in an area with proven gold depsoits plus we spent almost an year doing all sorts of surveys and therefore understand the local geology better and are more likely to pinpoint where we should be drilling.

Having said that, the expectation is beginning to wane - because the last round of drilling was an absolute dud. Leave high grade, we didn't hit anything at all. So I am beginning to lose confidence in the Survey and any follow-up work that was done to identify and define the target. A couple more of these and only God knows were the SP might end.

Also, the slow progress has been a great dampener. The mgmt is hell bent on not doing concurrent drills. They are happy to buyback but not put that money back into concurrent drilling. I think it is a classic case of penny wise pound foolish. The lack of momentum is corroding away whatever little enthusiasm and expectation the SHs had. With each passing day of doing nothing (and we had quite a few of them) we will need to hit bigger & higher grades to gather the momentum and also get a decent uptick in Share Price.

Pushing the SP higher now is tougher than it was say 6 months back. The mgmt has an up hill task. Can't blame anyone else they are the ones who put themselves and us in this situation.

When I first invested in the stock, I had things to look forward to. There was a plan, we had HPA and vanadium and Gold. Vanadium and HPA are gone. There is only Gold and in the last 2 years we only did one round of drilling looking for gold which by the way was an absolute disappointment.

It is no longer about the merit of the land we are on or the management running the show. It is more and more about how lucky can we get with the next round of drilling. We are all desperately hoping that we get lucky with our next round, because if we don't then the next round of drilling could be another 6 mnths away.

Feels more like I bought a lottery than shares of an exploration company.