Ann: EPCM Contract Update, page-39

Hi AM74, I can't comment on the accounting side of things, all i know is what has been related in announcements, and as far as I know the concentrator was to be refurbished to allow beneficiation of the ore so obviously that would require recommissioning to allow that to happen. The money for the mine operation including the concentrator was to come from the DFC, but now we are chasing our tail since we now require PI finance to get DFC finance . hence my comment in previous posts as to where is the money coming from to refurbish the concentrator. They do have 2 mills and floatation tanks so a fair way along in equipment required for beneficiation. I went back and forth with learning to B1 about the need for the concentrator to be refurbished, he was quite adamant that they they had sufficient capacity to beneficiate the ore, and suggested I contact Joe to verify, I haven't done this because he gave the impression he had already done so, although never really admitted to doing so. They will need to beneficiate the ore to sell from Namibia and the only place will be to China, price is good though and they have north of 72,000 tonnes on the ground. If they had the ability to sell beneficiated ore they might get enough dough to run the mine to full capacity in my opinion, so why the wait.