Ann: Short Term Funding and Appendix 3Y, page-28

Bizarrely…this formal and public ASX announcement that VRC is now actively pursuing other Funding options in other markets/countries…. may resolve the current impasse with the CMSA and result in CMSA finally giving their approval to VRC.

It is believed that the TZ Government is very supportive of VRC's Bond raising efforts in TZ to date…..but of course the TZ regulatory authorities act independent of the TZ Government.

The extended delay in the CMSA giving VRC Bond Prospectus approval will certainly act as a strong deterrent for any other International Companies who may have been thinking about pursuing a similar Bond raising in TZ.

The delays by the CMSA giving timely approval will also not assist the TZ Government who remain focused on attracting overseas investment into their Country.

VRC must now pursue all commercially appropriate global Funding Options available to them post haste; so as to finally get the company into Production and try and make up for time lost to date on dealing with the CMSA.