Ann: Change of Director's Interest Notice - T, page-8

re: Ann: Change of Director's Interest No... Tony knows better than anyone else that CFE is an absolute bargain at these levels.

We got a 217 % upside from these levels when considering CFE's intrinsic value.

Marampa rail and intrastructure are worth a tasty 210 M$ and the iron ore deposit will probably net another 275 M$.

For those interested, here's a nice upside valuation which can be realized over the short term ( potentially within 9 months):

Total cash july (e)---------246.250.000

Marampa --------------------275.000.000
Lady Loretta --------------- 20.000.000
Sappes --------------------- 50.000.000
Matrix-----------------------20.000.000
Pinnacle (35%)---------------28.000.000
Convertible bonds -----------10.000.000
Other taxes/fees/overhea--(-)10.000.000
Railco----------------------210.145.289

Core value------------------603.145.289

Enterprise Value------------922.062.289

Number of shares------------625.759.256
30/6/10 43.2c options---------8.350.000

Cash on exercise--------------3.607.200

Value per share--------------------1,46

Current share price----------------0,46
Upside------------------------------217%