gone down the drain pipe.

Coyote mined grades being 1.9 g/t against pit reserves of 7.2 g/t.

The directors should have many questions to answer, which include:

1. On 18th July they raised $15 million, yet it appears at least 1/2 was already spent when they did it.

2. Increasing the production target from 50,000 to 70,000 ounces - on what grounds? They didn't know enough about what they were going to produce. Was this an attempt to keep the shares inflated whilst they made another capital raising?

2. Also, on the 18th July ann they said that they would be commissioning the plant by late July or early August 2006. Did they mean 2007 instead?

3. On the 25th August ann they mention that the CIL circuit remains on schedule for mid Sept. Also, they talk about the high grade. At 1.9 g/t if they call this high grade than what sort of grade do you call low grade?

4. On the 13th Nov they came out with a "Cleansing Statement" - Should this be named - " Cleansing Shareholder Value in Tanami Gold"

5. They opened the "Mine" on the 24th May - Was this really opening a can of worms?

I can see further capital raisings trying to prompt up a poorly managed company and cash flow negative driven mine.

Good luck to the supporters who will see further share price depreciation.Not for mine!