Fabian Baker 4:11 PM (1 hour ago) to me:Hi ****, We’ve been...

Fabian Baker 4:11 PM (1 hour ago) to me:

Hi ****, We’ve been diligent in ensuring the market is up to date on our activities. We have been clear on the Penikat process, and the recent announcement I believe provided a detailed and honest view of the situation. It is a process that requires good quality work and time, I believe we have done the work, but the timeframe is now largely in the hands of the authorities and we have set that out to shareholders. What we are dealing with is in line with what we saw during due diligence before acquiring the project, so we have not been surprised by the process. This year we successfully took on Rana, quickly advanced the project to the point that we are now drilling. We’ve only been in a position to announce 2 holes so far, not many discoveries are made in the first 2 holes and we view them as very encouraging to indicate a system that can hold a lot of metal and generate some areas of high grade. We were also selected for BHP Xplor, that brought in another US$500k and has lead to a hugely compelling regional exploration opportunity in Norway (as announced) and Finland (details of this will be shared soon). However those areas also face indigenous and environmental considerations that we will need to work hard at to succeed on. We announced that we are in ongoing negotiations with BHP on a future deal to advance those regional projects which we feel is the best model to advance them given the early stage of the opportunities. We remain well financed and working hard to create value. We are comfortable with our high quality due diligence and understanding of all the project areas we are working in. We’ll keep shareholders well informed as the projects progress.
Regards,
[email protected]>