dfs, page-3

June 2013 Quarterly

"TNG has strong in-house capability to continue to progress the development of the Mount Peake Project cost effectively under its Project Director, Tony Hadley, and is still targeting completion of the DFS during Q1 of 2014."

October 2013 Quarterly

"TNG is in the process of completing a Definitive Feasibility Study (DFS) on the Mount Peake Project which is due for completion in 2014."

December 2013 Quarterly

"Work continued during the Quarter on the Mount Peake Definitive Feasibility Study (DFS) under the revised structure and arrangements outlined during the June 2013 Quarter as a result of the decision to transfer management of the DFS in-house. TNG estimates that this new management structure will result in annual cost savings to the Company of approximately $0.5 million.
During the quarter final metallurgical optimisation test work was carried out on the diamond drill core from Mount Peake. This work will provide fully optimised magnetic concentrate to CSIRO for the upcoming pilot plant test-work. Results from the optimisation work have provided further potential operating cost savings and results will be announced when finalised. The DFS is scheduled for completion during 2014."

.....maybe 2015 for DFS