Ann: Company Update , page-33

Heron

If AMED are on board I expect the deal with Realm and Chrometco for Rooderand will not go ahead. Not due to be voted upon by the Chrometco board until the 2nd of November so I imagine there is an escape clause for Nkwe also.

Why is this relevant? Because of the working relations between AMED and Platmin which is Gibertson. This property joins Platmins operations and the one next to us is Platinum Australia's which is probably for sale and both would fit nicely for the Newco company of which the IDC owns 16%.

Newco also own Grootboom which joins the Tabtse project. If you want Gilbertson's involvement as well as the IDC it would be better if they just offered a script takeover for Nkwe. Newco is a partnership of 4 companys why not make it 5, they would then have a resource of 130 million ounces with $500 million in cash.

Look back at the announcement of the Chrometco deal and theres a property map and you will see what I'm getting at regarding Platmin. Grootboom joins Eerst Gulek on the South Eastern side which you can research. I have a gut feel a deal is brewing somewhere.

As for De Bruin and Twist, I think they are playing both sides against the middle and it doesnt matter whom wins. When the Con court didnt award N and E to the beng they dropped them like a hot rock, these guys wants these farms badly for some reason and the good thing is they are deal makers and will get appointed as directors of Nkwe if the conditions are they same as below.

"Bengwenyama Minerals entered into a deal with Rudolph de Bruin and David Twist, prior to the Constitutional Court hearing. In terms of this sub-deal, certain conditions precedent had to be satisfied: one condition was that the pair be appointed as directors. In the event, the deal did not eventuate and the funds paid to Bengwenyama Minerals were repaid. The parties were restored to the position status quo ante. The administrative removal of De Bruin and Twist as directors is now underway."