fnt presentation / any questions for peter, page-7

Hi Karmalocust,

although the market hasn't liked the Andewa results it is worth remembering that the results were good enough to attract Newcrest's attention and commit to spend up to $19.25m on the two licenses and they should know better than most of us.

Everyone would have liked better grades earlier but the reality is that we have hit something - the drilling so far has demonstrated the existence of a very large low grade gold/copper porphyry system at Andewa which is extensively mineralised over a very large area with a known epithermal system, lots of potential drill targets and a lookalike strato volcano thrown in next door.

The question from here is how big is it and will the grades be economic.

Having NCM geological expertise and technical knowhow to guide drilling and a few more 1,000m holes to see what is there can only be a plus and hopefully the results that were put on hold from the already completed holes at Andewa should help and could be very good.

If we are ever going to hit something the market likes then IMO it is most likely to come over the next few months as we get results from Andewa, Esis, Sudest and the Bulago high grade zone together with the commencement of drilling at Leonard Schultz.

I think the probability of something good coming out of 1 or more of these licenses is pretty high and IMO The next few months are probably one of the best times to be holding FNT now that the NCM JV is signed.

The cash back from NCM was better than I was expecting and IMO confirms my view that FNT can explore Sudest using the profits from the NCM JV hopefully leaving very little cash burn for the near future.

The reality is, as you say, that the the market hasn't liked anything that we have hit so far but in many ways the extensive mineralisation shown in the results so far from Andewa, Likuruanga, Bulago and the other licenses shows the high level of prospectivity of all of these licenses and we don't have to wait long now as the drilling/assaying that is going on now across so many of the licenses is the result of many years of work/exploration by FNT management.

LB