Ann: Tanami Gold NL Presentation - AGM 2011 , page-2

Went to the AGM.

Very impressed with the posotive outlook by all concerned.There is no doubt that they genuinely beleive that the chances that they are sitting on an elephant are good particularly at Groundrush.

Callie(nearby) down to 2000 m and going to be one of Aussies biggest.We have barely got to 400 m on Groundrush and rule of Thumb is as wide as deep.
GR is 1500 m so that is how deep we would like to drill.

Others have barely scratched the surface.With a 20 mill exploration budget we would not do this justice.

From people who have been involved with the mill say it was left in excellent condition by New mont.Part of this to do with the good quality water.
While we are on water was mnetioned informally I think water at GR is excellent hydro geo perspective.Also rock /soil mechanics are excellent as well.No real problems or surprises lurking on GR and any way Newmont would have identified them if there were.

Mill to be upgraded 1.2 to 1.5

Refurbishment of mill 25 mill .
Development???
Funding could be debt or equity not sure at this stage .Depends on what is required.

They did not say so , but there is no doubt that this will go ahead.All they are doing at the moment is working out which format to take.

New geo and operating officer were introduced and publically acknowledged as having had high impact already.

once the DFS is through (could be just a week or two away) this jumbo will hit a lot more radars and take off.
After that only 9 months to production and as we become a 200k producer it will be impossible to ignore any further,.

$2 or $3 in 18 months .
I think definite possibility and I am generally cautious.