Summary of discussion with Cedric Goode this afternoon.1. Just...

Summary of discussion with Cedric Goode this afternoon.
1. Just under $3 million cash on hand
2. Directors currently forgoing payment of salaries as part of conserving capital for the project
3. All overseas travel is economy class.
4. Cedric very happy with trip to India and Chinese State financiers, Korean, and private financiers left with positive indications re their interest in financing project expansion and further acquisitions.
5. I said I expected financier would want equity position as part of arrangement. Cedric said this would probably be the case. How much is not known but it would dilute our holdings to some degree
6. Cedric has $1 million invested in NSL. Other directors have: 2 x $500,000, 1 X 400,000. Think I missed one but at least the Directors have put their m oney on the line.
7. Delays have been as a result of understanding the way Indian business operates and communications with the Chinese.
8. Met Australian High Commissioner by coincidence and he was most impressed with what NSL had achieved so far, where others have failed.
9. They have all the permits and approvals to mine, export, import, buy and sell projects, as if they were an Indian Company.
10. Met Austrade representative with High Commissioner and they want to promote the success they have had with getting to this stage. Cedric declined as there are other projects they want before the competition arrives.
11. Chinese engineers arrive at site in India next week as part of design work of beneficiation plant. Once design completed, would be manufactured and on site within 4 months.
12. Final plant design and all costings and finance arrangements should be in place late April/early May.
Lets add another month based on past history. At this stage they will announce to the market. Remember, it hasn't happened yet.
13. Head-hunting 2 highly qualified mining staff as will need their expertise in India in fast tracking and optimising earliest production of ore.
14. Other projects close to MOU stage.

There is little more in here than was announced on 1st March 01 but at least it is current.

I will be purchasing additional shares at these prices to average down the cost per share. Comes under the high risk - high reward banner but risk diminishing and hopefully by mid May we will see a significant rerating of NSL in the share price.
Be patient a little bit longer - it's finally coming together.
TRIG