Ann: TNG signs Binding Term Sheet for Vanadium offtake, page-16

IBB. Call me supreme optimist but I don't see it as a coincidence that WOOJIN have signed the further agreement at the time immediately preceeding TIVAN update. The agreement is for refined V2O5, WOOJIN did an extensive DD mid year 2014 and have developed there own metallurgical process for ferro vanadium more than a decade ago giving them the market edge in that area. I'm picking they have been reviewing TIVAN process and both WOOJIN and out management team are at a point were they know all is well on that front. Otherwise why enter into the binding off take now.

Could see a TIVAN update real soon I'm thinkin.