Ann: Torian Accelerates Exploration Strategy, page-7

Yes I agree TNR real estate holdings are probably the most potential gold assets in Australia but to proof them they need a lot of money to drill and the ongoing shares dilution is scaring off the investors. I would rather them stop acquiring assets and focus spending the money on drilling and take us to early production on one of the ground and use the fund for other exploration and acquisition instead of further dilution raising.

On the North American, if you note the 4th largest shareholder is R&R Venture Partners is a private equity fund in New York so for TNR to keep flying there to see them, it tells me they have keen interest on TNR potentials.