project update 2, page-3

Peter,

No 'offtake' agreement has been signed as yet. However this was in an announcement dated 24 Jan 12.

" Carbine Tungsten Limited (CNQ) is very pleased to announce that following discussions with Mitsubishi Corporation Unimetals Ltd (MCU), MCU has provided CNQ with a Letter of Intent to purchase all concentrates produced from the Mt Carbine Tailings re-treatment project subject to the product being acceptable."

This was in an announcement dated 12 Mar 12.

" Company executives will be visiting customers in China and Japan in mid April to conclude sales agreements for the products from the tailings retreatment project and visiting existing producers and processing plants."

And this in todays announcement.
"A visit to Japan and China is being undertaken within the coming week by executives and technical representatives of the Company. Funding options for the “Hard Rock” development project will also be investigated during this trip."

So from that I gather that the takeoff agreement you seek may very well be signed within the next two weeks during the visit to China and Japan. Obviously the interested parties need to confirm the quality of the product before putting pen to paper and the important thing to remember is the price will be discounted based on the quality. Which is to be expected considering our stage 1 is based purely on tailings (the rejected material from old operations)

Hope this helps,

Banksy