today's announcement

The following extract is from today's announcement, looks like we should get get a good New Year's present when the numbers are presented,

"PROGRESS OF KING ISLAND PRE FEASIBILITY STUDY
As announced on 4 August 2004 GTN Resources Ltd (GTN) had entered into an
option agreement with the owners of Australian Tungsten Pty Ltd (ATPL) whereby it
may acquire 100% of that company subject to a pre feasibility study.
ATPL owns 100% of the King Island Scheelite Project on King Island, Tasmania. The
King Island project contains the remaining resources of the King Island scheelite
mine, which operated between 1917 and 1990, as well as possible extensions to the
known ore bodies and other tungsten exploration opportunities. Scheelite is an ore of
tungsten.
The Directors advise that the pre feasibility is progressing on schedule and
satisfactorily and the Board is expecting to be able to make a decision on whether to
exercise the option prior to 31 December 2004."