report, page-14

Currently repositioning a little Hoof and its a low volume jobby so I wont give all yet but I'll tell you a bit about it and why fundamentally its a tad stronger than Aims position on offtakes,opex etc etc etc.

*It gets fuel at 13c/L!!!

*Tax free zone for just about any tax you can name.

*Its 50/50 JV'd with the countries mining authority.Some might see this as a major disadvantage but until debt is paid back they do not contribute revenue to the partner(I think!)

*The supply chain is such that they have signed a 10 year offtake for their commodity.Not only that but the offtake guarantees the viability of the project.

*They have over 1,500t of tin as a credit(which at current prices doubles the revenue) and could be signing up a big ceramic raw material offtake in the next couple of years which will essentially triple the revenue and this is i\ON TOP of the guaranteed offtake conditions!

*Banks are currently in due diligence mode with a likely outcome June/July this year.

*The banks are from the country/company that the offtakes been done with and are sympathetic to projects that supply strategic raw materials for their own industry at better rates if the project is in a developing country.

*Three broker valuations curently 4 to 5 times the current sp.

*etc etc etc

I cant give too much more without giving them away Hoof,which I probably already have if you dig a bit!!!

d.