Ann: Suspension, page-4

Tenure - the conditions under which land or buildings are held or occupied.

I cannot begin to imagine the frustration this tenure nonsense must be causing Mike & Ian.

To have this project so close to getting into production, to have a bureaucrat throw in an eleventh hour hurdle, the lease conditions have not been fulfilled therefore notice of forfeiture of tenure. Pure speculation I know, but little else it could be apart from the conditional finance offer has flushed out a buyer for the Company's full 50% interest which may require ministerial approval to sell / transfer.

Mike & Ian have not come this far to have this deal de-railed on a technicality. There will be some very high level ministerial emails or even meetings in Egypt next week.

It cannot be in the Egyptian Governments best interests to let this project stall at this stage when conditional finance is finally to hand.

On the other side of the coin, taking this to arbitration, I could not see any arbitrator in the world, agreeing the Company has done "insufficient work" on either the site ( compound works & alluvial production ) or finance efforts International Finance Corporation, Egyptian Bank Consortium, MENA region presentations, Dubai Investment Bank, toss in the Global Financial Crisis, European Debt Crisis, The Arab Spring, previous local political instability, enough to make any lender, local or international cautious, yet, our executive team in the most difficult of times, has secured a partner to get the project into a staged early production and more importantly, employ Egyptians.

My money is on some cooler heads in the Egyptian Ministry, not bureaucrats solving this issue quickly.

TPG.