Ann: Redmoor Tin Tungsten Project Update, page-34

A change of direction is certainly needed….the company can’t bank on Redmoor as it’s out of their hands. It angers me to see that the MD and Chair of NAE were doing a site visit at Redmoor, this is a complete waste of money and is typical of a management team that have no skin in the game.

NAE has a $3.6m market cap with $2m in the bank so its back a shell value. I have said time and time again that the market thinks Lochinvar is marginal at best so why not offload it….its all upside for current shareholders. Alternatively get someone to earn in to it (even if we gave 50% away for a couple of million into the project, it’s a miles better outcome than a capital raising). Going it alone is not an option unless its value is better reflected in the share price and Gary needs to get his head around this (he missed his chance to raise money for drilling when they did the cap raising at 2c).