are we still alive, page-24

Lizzard,

I think that you and Mayo are on the right track.

Much of the buying that I have seen since Monday is that which could be classified institutional. Furthermore, the feeling that I got from the last quarterly was that money was going to needed at some point in time. Not just the funding for Merlin and the expenses involved in the DFS, but also for their other prospects such as Borroloola and Webb.

As you say, they do have some cash, as well as some value in TEU and their other prospects. However, I would like something more conclusive than a brokers recommendation to justify the blue sky that has just been priced into NAD since the weekend. If there was additional market sensitive information that NAD was aware of, I am of the belief that it would have been released to the market by now.

I hope for holders sake, however, that it shoots the lights out.
ididwork.