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I just had an exchange with another person with a slightly different view about ZEN than what I hold. What’s new? He does come from the camp that isn’t impressed with the NR nor the leadership of ZEN. His quote, “ The NR says they are making progress, and very little else.” Then he goes on to state what some of the critics say about issues with the flow sheet. Because we do not have clear answers to some questions being asked, the conclusion is, we cannot be sure ZEN has the graphite we think they have.

I think most of us are familiar with this view. I condensed it but kept to the main points and some names come in that stir emotions. Put the emotions aside and deal with the facts. Emotions only cloud clear thinking. My reply follows......

I respect everything you say in your last email. I even saved it to reference it. I hear the criticisms of The Chief and others about trouble with the flow sheet. Nobody presented any proof there was trouble that I saw. There was a comment about tweaking and that was interpreted as them having a problem. Isn’t it more likely having something good and trying to make it better? The last NR says they achieved that but it has raised more questions. That is what research does and why we have had these delays. Nobody presented any proof that anything else was wrong. Even Hoov has fallen into this trap because he has a bee in his bonnet about not having the influence with ZEN he craved to feed his ego. ( Hoov once helped write news releases for ZEN until AE stopped NR’s ) You asked all the right questions, but until you have answers, do not put an interpretation on them. I remain cautious and uneasy about ZEN but I still think they have just as special a find as CCB. It is slightly different graphite and ZEN knows they have lots. I hope CCB finds lots too but after ZEN. You know why.

The delays I’d rather not have but they are part of the process. Diamond Fields had many delays too and Inco was very fearful that the results they had may not be real. Dealing with the character they were dealing with, no wonder. Perhaps people are having trouble believing ZEN?

There will not likely be any change in share price until we see the PEA. I expect a weak price and it will not go above that $2.20 figure without the PEA. If it does I would assume a leak is happening and the news will be good. If it does the opposite, we know it is bad news.

So that was the gist of our communication. Can anyone comment with stronger arguments than I made? I am striving for unbiased facts.