make no mistake, page-12

minestock said;

'Let's look at the reality.

1. Broker report vals are way in excess of current SP. Based on previous announced results. I take issue with a previous posters comment on "piddly" upgrade - it is not that.
2. FMS SP skyrocketed as they continually upgraded their targets. We have Meridonial and many other prospects that will roll out in the mid term. Sundance is on a similar track.
3. Hanlong buy Talbots stake for over $200 million. They tell us that they have $5 billion to invest plus infrastructure. They are also telling us that they have interest in financing the op and that even further equity is possible (I would say likely).
4. We have one of the very best management teams in the business with George and Gulio. They are trying to build a business on the back of the legacy of the previous Board and Management.'

My comment;

All positive points you make minestock regards to the potential for SDL however I believe Point 2 is not really a fair comparison;

FMG's projects are as we all know, located in Australia where there is considered very low sovereign risk. Ok so the RSPT has caused some to get a little twitchy, however in the scheme of sovereign risk, it is akin to a mere ripple in the ocean.

SDL's projects on the other hand are in central Africa - DRC/Cameroon, coutnries where significantly higher soverign risk exists, more like a 10 foot swell in the ocean.


The Fraser Institute's latest survey of mining companies is an independant and comprehensive assessment of the major global mining jurisdictions. I hasten to add that it certainly doesn't paint the DRC as a jursdiction to invest in ahead of many others.

In the latest survey, on the issues of 'Uncertainty Concerning the Administration, Interpretation, and
Enforcement of Existing Regulations', 'Security', 'Political Stability', 'Uncertainty Concerning Disputed Land Claims', 'Taxation Regime' DRC is only outranked (in some instances only marginally) by Zimbabwe as being a higher risk!

DRC was ranked 40 out of the 51 jurisdictions with 1 being the best and 51 being the worst!

In fact when asked, the survey repondent's effectively rated DRC as a slightly higher risk than Zimbabwe in the majority of respects.

Directly from the Survey;

'The Fraser Institute Survey of Mining Companies: 2010 Mid-year Update was sent to approximately 3,000
exploration, development, and other mining-related companies around the world. Several mining publications and associations also helped publicize the survey. (Please see acknowledgements.) The survey, conducted from June 1 to June 30, represents responses from 429 of those companies; 51 jurisdictions were
ranked.

?The apparent hardening attitude towards mining in Africa is not simple. Lack of transparency and an absence of
public understanding of the industry is often manipulated by politicians/civil servants either for self gain or to cover for their failure to deliver meaningful service to the people. Add to this the Chinese way of doing things and risk will continue to in crease unless we get
out there and start educating?.

A producer company with more than US$50M revenue, Manager.

?Access to reliable power in South Africa will present problems. Africa, having some of the world?s most
significant undeveloped resources, has one of the most attractive jurisdictions with respect to exploration and development - Botswana, and one of the worst - DRC.?

An exploration company, Vice-president.'

Food for thought, particularly those who've done precious little research of their own.

WC8