Ann: Quarterly Activities Report & Appendix 5B, page-18

Bobby

I am not a lawyer, so what I say could be wrong. My tertiary studies were in economics and accounting (I became a CPA at the "tender" age of 60, and have pretty much forgotten what I learned).

My understanding is that TAM now has a binding JV agreement with NST (see details in related press release).

If any company were to take over TAM (other than NST) than all the rights and obligations that TAM has would continue to be in place, including the JV agreement with NST. If NST takes over TAM then it stands to reason that the TAM/NST agreement is irrelevant as that agreement ceases to to have any meaning - ie NST could do whatever it wanted.

If MLX were to make a bid for TAM then the TAM/NST agreement would continue in force unless MLX and NST separately agreed to terminate it on whatever basis they wanted. I really can not see MLX wanting to takeover TAM and becoming a silent partner in the development of the Tamani JV project, but I suppose stranger things have happened. I suppose NST could make a counter bid for TAM to ensure it owned all of the Tamani project.

My belief is that NST is still serious about the Tamani project, but that its of a lower order priority and will not be developed for another 3-5 years. The exploration program that NST wants to do has yet to get off the ground - you can read up on that in NST's and TAM's reports.

Not sure if I have answered your questions. Good luck.

loki