What's it worth, page-206

Zubana - I agree with all that you say. Indeed with no news in respect of an exploration permit for the Tasiast despite assurances last year that news was imminent and because of depleting funds I doubt that the Mauritanian authorities will grant one. Whilst I could be proved wrong and a permit may be granted, it is within my experience that many African countries are wise to the reality that they risk, when granting a permit to a company that cannot finance the purpose for which the permit is sought, with no work being done the recipient company cannot fund the project or that company makes an application for the permit to be assigned to another company.

As you rightly point out, the company appears to have few funds and to my mind is content with options being exercised so that money can be raised to keep the lights on. Then as you point out, there is no DFS in respect of Tiris; without that there is little basis for major third party funding. The Swedish asset is interesting but then whether the target is uranium or vanadium, not only is permission needed but also large third party finance; say a large farm out leaving Aura with a small interest and operation of the project in the hands of the third party.

I look in every now and but admit that I sold a nigh on 3 million share stake a couple of months and invested the proceeds elsewhere. I agree that the SP may well fall back. It might then become a buy back in the hope that the price raises on the back of speculators who will then sell out again.