Ann: Diggers & Dealers Presentation, page-134

I think NST are happy to see leave EAR alone, and watch EAR raise the cash and bring this mine back into production.

I expect the sell down in EAR may now be due to some insiders realizing NST has no takeover intentions in the near future, because they were negotiating for the Alaska mine. I bet the EAR sell down began to occur at around the same time NST began doing due diligence on the Alaska mine.

NST might park their investment here for years and just watch how EAR goes, because they have bigger fish to fry.

I think EAR investors now need to forget about NST's involvement. NST could have provided EAR with $30 million for the mine refurbishment, it looks like small change to them now. But they won't.

I know some here recommend EAR shelve production for the moment, and continue exploring, but I would rather see production.

I think EAR should get a loan from Sprott for 7.75% + Libor, get the damn mine into production ASAP, and take out some hedging that guarantees the loan is repaid in 1 year.

After that, there is clear air to build up some profits and in the next 2 to 3 years save about $30 to $50 million in the bank.

With that kind of cash, they then have more options, for more exploration, or for acquisitions, or preferably both.

You will then have NST come knocking when they see $50 million in the EAR bank account, because 20% of it will be theirs.

Gw