Ann: Quarterly Report, page-22

If one harks back to the June 13 announcement it makes for an interesting re-read. They stated that NAD1 had reached total depth and core was being studied before sending samples to the lab. Then they say in that announcement that Cahill 1 had commenced and the interesting bit is the results of this hole are QUOTE...…. eagerly …. UNQUOTE awaited. They were not so effusive in similarly commenting on NAD1. This seemed odd to me at the time, I mean, why be eager for Cahill 1 but seemingly ( my interpretation) less "eager" regarding NAD1, the reporting of which at the time seemed sort of matter of fact. Based on todays announcement in which all is revealed I therefore deduce they were already well aware at that time ( 13 June) from core logging that NAD1 had missed the target zone. If they were, I think it should have been mentioned at the time as a possibility/probability, so expectations on our part would have been tempered somewhat. As it turned out, we were therefore all a bit blind-sided from todays announcement. I did as I say find it a bit odd in the wording of that June 13 announcement, and as days dragged into weeks, and based on the truism that good drilling news travels fast, but bad news travels slowly, in fact in this case to the last reporting day for the quarterly ( hmmm, not a good look !) I tipped out half my holding a short while back fearing the worst, still at a loss though.