Ann: Proposed Sale of Western Tanami Project, page-4

The deal is not done yet, but I agree it will be beneficial to TAM. I raised the issue of C&M costs with a TAM director earlier this year and he said they were looking to sell the assets.

There had also been some discussion on the possible sale of the remaining interest in the project but no agreement on price. TAM directors have a reasonable holding of TAM shares (at least one director has) so they want their pound of flesh, which should be good for all shareholders, I hope.

The trouble is NST has better projects to progress ahead of CTP, so their latest presentation indicates that CTP is not going be be in production for another 3+ years, if the economics stack up. TAM is cashed up to wait it out, if they want to. Impossible to work out what the upside is here given the uncertainties.

loki