Ann: Appendix 3B, page-48

I agree with your comment Dukey, probably won't happen, however if approved it does give NAE management the ability to allocate a larger slice of the pie to instos/sophs if they need to raise in future. According to Gary, he and the NAE Board felt it would be a better idea to raise capital now to further the exploration program at Lochinvar rather than later in the year due to a potential decline in the price of coking coal. They still plan to JV this project or sell the resource and needed to demonstrate ongoing activity, hence the CR. I'm very keen to see the outcome of the 1st phase of drilling at Redmoor, this is why I'm personally invested with NAE

MM