Bonus Issue, page-56

ECT Managing Director Ashley Moore stated "We respect the processes that NLC and NMDC must follow as we move towards the formal agreement to proceed with the integrated demonstration project. It is necessary, and we will allow it the time to conclude as required, supporting it at every turn. We do this because we expect the outcome will be extremely valuable to ECT and our shareholders, and because we have no doubts as to the commitment of our partners to pursue the project, and the developments which will flow from that once complete." "While these processes are continuing, we are not simply waiting. We continue with our detailed R&D efforts at our pilot plant, creating valuable refinements and improvements to our IP, as well as continuing our local business development. These activities, outlined above in this announcement, also create value for ECT, as well as improve the speed and precision for our Indian project on commencement."