Ann: Chairman's Letter to Shareholders , page-3

Gromda,

Stop living in the past. To refresh your memory Kevin Nichol, Peter Avery and Michael Trifunovic resigned on Friday 18th November 2011 following the Company’s Annual General meeting and after the close of market trading

Do you really think that KN and his cronies would have resigned from CNL without notice if they hadn’t been tapped on the shoulder?

Of all the shareholders at the time who do think told them to resign?

The answer to both questions was African Lion.

Given that Africa Lion are the third biggest shareholder, behind Ralph Stagg, and together with Regan control 40% of the voting stock do you think they will change their mind now?

You also seem to fail to appreciate just how much progress has been made at Chaketma given that work only started there in earnest in after the merger was complete. The current management have done more on a better project in six months than the previous management achieved in a year with Ralph managing the field work.

No technical announcements came out during that time and look at what a cock-up the Bea El Afou PFS was. What a joke.