Ann: Further Outstanding High Grade Vanadium Results, page-7

The in-situ grades look good from the latest drilling. However, we need to see how much vanadium goes into the magnetic concentrate as the magnetic concentrate is what TNO have announced they will be selling. They are not going to be selling ore straight out of the ground, but the magnetic concentrate. To me the big issue is that TNO is in South Africa and that means getting access to power is problematic. Some mining projects in South Africa are not going into production because they can not obtain reliable power. There are situations where mines get shut down because of brown outs. The power issue will need to be addressed by TNO at some stage.