NML, page-5

The stand off between Bulls and Bears continues but hopefully not much longer.
The SPP will be over next week, the JV agreement must be somewhat closer and the issue of the Rentention Lease on Tandarra is due anytime. Its hard to reconcile CYL (our Tandarra JV partner) being worth $100m while we are capped at a miserable 16m. Having said that, our near neighbour Kirkland Lake storms off into the multi billion $ distance. I'm sure it will change eventually, the sharemarket is good for nothing if not testing your patience. GLTH,