Ann: Sandpiper Project Final Laboratory Based Tes, page-14

re: Ann: MAK: Sandpiper Project Final Laborat... Hi DD

I'll look forward to your updated spreadsheet.

Re the 100 million. That was a figure stuck in my mind from conversations with the company along the way. I might have to revisit that but it's probably a fairly safe number anyway keeping in mind that under the terms of the JV MAK and UCL have to fund the local partner, Tungeni, with Tungeni to pay back from future returns. The scoping study was for around US 144 million in start up capital costs so from that UCL would have been up for 72 including funding share of Tungeni.

add inflation costs to that plus additional expenses that might arise from recommendations from the Feasibility studies and 100 milll for our share is a good conservative base in my opinion.