Ann: Exploration and Strategy Update, page-8

Understand how you feel MB. I think Ive been in FNT for 10 years now, at least it feels like it. Have been in the green several times and them each time we get kicked in the teeth. Hi Jonnie and welcome. When Peter was running the show I was able to get some clarity as to what was going on but the new board has me shut out now. Not sure what is going on. They wont be bringing the tower on board as they were questioned about this by the asx already. There is a game plan and it is to do with PNG exploration but again they aren't letting anything out. My feeling is they want to mine Bugalo and are looking for a JV with a najor to do so. If you go back over the  Swit Kai results you can see the majority of the high grade gold is in the top 7-10M. the reef is 1.5km+ long and the width is undetermined at this point. there are also other high grade seams detected which have yet to be tested (the path). This would all be easy to mine out with open cut surface digging. grinding and extraction could be done on site as there is ample water. This is just one area of Bugalo, We also have areas of high grade copper which is what Anglo are after which leads me to believe that we will eventually get them on board. Anglo wont want another major to move in beneath them. I'm not sure what is happening with muller at this stage. I know there was contact with Newmont and Newcrest a while ago and one or both of them wanted additional samples taken. A dispute with one of the local villages (which has been resolved now) and the earthquake have held this up so they would be eager to get in and grab these samples. This would align with the recent announcement of further assessment of the aster satellite analysis. Im guessing they want to select the areas of high probability. Tolokuma is back to the MAC for assessment and we should hear something soon. We have the money to dill here now and there are several anomalies which need investigating and Peter was quite excited about them. I attended this wardens hearing and the locals were really keen for us to be granted the licence. The previous holders were doing nothing for then whereas peter always uses local labour and contributes to the villages (all a part of the running costs)   Sinivit in on hold still due to court proceedings with the previous miner pulling out and not cleaning up their mess. We are second in line to Munga River. It was all a bit dodgy that we werent granted the lease in the first place but are still in for a go. It would need a fair bit of cleaning up first but there is still around 235K oz of gold in the vats so worth while getting. I think it will come down to who can win over the locals. We had another great wardens hearing here and I think we still have the locals on board and they wound be happy we were skipped over. Again we have the money to go in here now so should not have a problem if Munga River is passed over. Apparently the board also have other investments which they can bring into the company which is what I waiting to hear about at the moment. They posted a few on the website but were instructed by the ASX to take them down as they werent approved. My guess is the website is currently down as they are working on some of these project. When I have questioned Fenix about the website they told me they are having issues with the server. I dont believe this. They could cancel their subscription and build a new site in two days and list this with the ASX so there is something else going on here. Finally as you know Peter and Paige are no longer on the board although still heavily invested. I know Peter in in for over a Mil  so would be wanting a return on his investment. He is under strict terms for the buy inincluding his shares freeze so I guess whatever is going to happen will do soon. When I asked why we needed Forise I was told that we needed some big dollars to to get to mining and this is what it took. Unfortunately the SP had been constantly pushed down which meant they could invest a little for a lot. Now we have to ride the bus and see where it takes us. Hopefully to the top of the hill. 

Cheers

GD