Ann: Quarterly Report, page-17

Punter

Not good news on the first drill hole, but that is the case for many explorers. Even Fosterville had to wait. All the NAG holders were hopeful the results would be more positive.

I see you're now saying NAG will be lucky to get $10-12 per tonne for PASS. Well, that's a move up from NAG will never get PASS. Any chance of $20 or higher? Hassle free PASS storage might be very enticing for firms who don't want any comebacks or dodgy dealings. More importantly, as the Government is involved, there is an extra incentive for all disposal to be above board and to be seen to be above board. You pay a premium for that. The cost of disposal will be factored into the costings of the project.

So, more drilling underway and PASS decisions maybe later in the year.

I can wait.

Nanu