Dear Subscriber
The Directors of TNG Limited would like to draw your attention to today�s announcement "Research Report Update - Mount Peake Resource". Old Park Lane Capital has prepared a research note subsequent to TNG's Mount Peake Project's JORC Resource Upgrade announcement which was released to the ASX on Wednesday 12th October 2011.
"TNG Limited (ASX: TNG) has reported a JORC-compliant resource update for the company�s flagship Mount Peake vanadium-titanium-iron deposit in the Northern Territory of Australia. The new resource represents a 15% increase in total resources to 160Mt, but crucially 70% of the resource has been upgraded to the Indicated category which amounts to 112Mt. We view this result as encouraging as the Indicated resource should provide the basis for conversion into ore reserves. The deposit remains open to the east and new targets have been identified. TNG has also identified a high-grade zone running through the deposit.
We maintain our conservative target price of A$0.27 per share and a BUY recommendation pending the release of PFS results in November. The resource upgrade is a welcome event and sets the scene for strong news-flow over the coming months. All eyes now turn to the Mount Peake PFS!"
Visit the Analyst Reports page of our website for full details or please click here to view the research note.The Directors of TNG Limited
TNG Limited is a lead and silver exploration company based in Australia.
TNG Limited holds various exploration projects in Australia.
Its main exploration properties are CAWSE EXTENDED, MANBARRUM, MOUNT PEAKE and SANDY CREEK DEPOSIT in Australia.