Ann: Update on Epanko Graphite Project and Pilot Plant Strategy, page-108

I bought back in yesterday. Time will tell whether it was a prudent decision but at least the fortunes of the company are soon to be decided. The long drawn out process of waiting on a decision re funding will soon be concluded (positively or otherwise).

As I was based in the Mbeya region of Tanzania until recently, I am fortunate to maintain contact with several Tanzanian mining executives. I have a great deal of confidence in them and many of them have worked internationally. They have been frustrated by the whole process of the changes being made to the Mining Act and Regulations. Yes it has been necessary to remedy some of the ills (Acacia's blatantly irresponsible behaviour) but the collateral damage has been painfully drawn out. Those mining executives are not telling me its all doom and gloom! Far from it.

The talk of Magufuli going down the same road as Mugabe is overstated. As former NSW Premier Jack Lang (AKA the Big Fella) once famously said, "In the race for life, always back self interest. At least you know it's trying." I believe Magufuli's self interest is in getting the resource sector back to where it was and beyond.