Ann: Drilling to Commence at Paradigm East, page-13

Thanks for all your thoughts Eshmun, much appreciated! I'll have a look into the other two companies you suggested, a bit snowed under for the moment.

In regards to TNR, it isn't nearology to NST's recent Paradigm discovery that caught my interest, I've followed the progress of TNR for a few years now. Initially, my interest sparked around the time NST unleashed Pegasus. Shortly after, EVN snapped up La Muncha's assets and the whole area started to look hot again. I stayed out of TNR because they only had 49% JV interest in the Zuleika tenements and had been running hard on recent activities. At the time I thought any discovery could be sometime off for TNR and their JV percentage held me off as well as the valuation.

A lot has progressed in the last couple of years. Most recently they took 100% control of the Zuleika via the Cascade acquisition. The heat has come out of the area and TNR's share price has fallen considerably, with and including dilution of the acquisition and associated costs. I don't believe the recent drilling announcement about Paradigm East is a nearology pump attempt. TNR recently raised capital and post announcement the share price hasn't moved so no real reason for a SP push. For my mind, TNR are doing their job and informing the market of an upcoming drill campaign - the announcement was eight pages and fairly informative - not your typical two page job 'look at me and who we're drilling next to!' followed by the standard push, TH and CR.

Anyhow, seeing all the hot air is out of gold and the Zuleika shear for the moment, I believe it's probably the right time to start taking positions in the area for the future, whether that be with TNR or others in close proximity to the larger players in the vicinity. Probably not a bad idea to start accumulating some of the smaller players for the heat and gold price to return - it always does and I don't mind waiting a few years.

All the best and great to see you around again!

Cheers
Seth