presentation and roadshow, page-5

I have been speaking to management over a period of months. Completely sold out in early December. As a non-resident I had no rights to participate in the fund raising. Many of my concerns were directed to the lengthy delays in getting the assays from the scout drilling program. I did very well from the U mania and have built up a substanial position in the oppies (for maximum leverage). Most of these U plays were momentum plays but NWR has over the last many months been a lousy chart performer (which happily allowed me to get back in at the same average price as my original purchases in 2006. I think the nature of the spec market will now be to hunt out fundamental value and IMHO NWR represents one of the best gold plays in Australia. Reasons why this is so (1) Blue Spec has an extremely robust vertical gold system with the highest values in Australia. The latest drilling is now pointing to a new horizontal very high grade extension out to the East towards Blue Spec East (400 meters away). One DD is driving holes into the orebody directly below and to the east of the 150,000 ounce JORC resource. At a rate of 30 meters a day and depths of around 500 meters we should get almost two holes a month. An RC program will now start over Blue Spec East. NWR seem very positive and claim that this drilling could be a "company maker" My sense is that we will have a high grade JORC INXS of 500,000 ounces (open at depth and possibly in several directions) by June from this area. I believe that NWR might be sitting on top of a very large high grade system at Blue Spec. The "vectoring" from a number of current holes has IMHO identified a number of high grade targets for this drilling. I may ask if they could release some of the information about these targets so we could get a sense of their size.

The fact that there are halos with confirmed targets all over the shears might be pointing to the evolution of a very large number of high grade systems on the two shears that could potentially contain at least one million ounces (as stated by NWR) but IMHO there may be many systems that cumulatively could make this one of the larger gold mines in Australia.

I am very suprised that the sp has not reacted to this news as I know that I am not the only person thinking in these terms (especially in some brokerage offices in Perth). This interpretation makes this a very exciting play with enormous upside. The current DD and coming RC drilling at Blue Spec and Blue Spec East will unfold over the next twelve weeks and IF the results are high grade the stock valuation should get extremely "heady".