News: Equatorial Resources Limited: Developing La, page-3

re: News: Equatorial Resources Limited: Devel... Very impressive presentation. It answered a few queries I had also. The points I thought were important;

- JW re-affirmed that they are extremely happy with Exxaro being next door, and again talked about the synergies of the companies and potential to work together. He talked about how Exxaro want to push development through quickly which is great to hear.

- Metallurgical testwork regarding the DSO & bDSO should be available within the next few weeks.

- The port at Pointe Noire is still the main focus at this point in time, and it looks as though options will be available to use that port to drive near term DSO production. The port being talked about at Pointe Indienne is a long term option, to be used when production levels are much higher. This all re-affirms the plan to use existing infrastructure to get to production quickly, then use cashflows from the initial operations to expand capacity. Such a plan shouldn't require very much shareholder dilution due to low CAPEX's and being able to expand organically.

- It was great to hear that once the maiden JORC is released, feasibility type work will be released very soon after. This is very important in my view as it will outline the general OPEX & CAPEX levels we will be looking at. This is the type of information is what the market in general needs to be able to see to work out cashflow levels, project profitability & NPV's, and CAPEX payback periods, all using different IO price levels. Very happy to hear what JW said regarding this.

- The desire for Badondo is to show it's potential so that it can help be a driver of new infrastructure in the Northern region of the country.

- Glassock is in the Congo at the moment working on the Maiden JORC statement for Mayoko. Very good news, it can't be all that far away now.

- The level of community involvement looks immense, which is a huge positive considering the Congolese seem to be attributing very high value to the need for mining companies to interact in a positive way with the local population. JW was already talking about staffing levels once in production, foundations being set up etc.

A very positive presentation I think.