what a disaster, page-30

Glenn_Archer,

In response to your first two questions and a little additional information I propose the following -

Average is certainly 'at this stage' to be considered the normalised approach; of course this can change very quickly if a contained sulfide zone is struck at either of the two prospects (similar to Pedra) - thus although the majority would be focused on averages at this stage it can change quite quickly. Of course I am a stern believer in the under promise over deliver aspect and therefore under expect to potentially over succeed.

At this stage we are confined by what we know, yet there is in my opinion a great deal of fundamental information that is being lost as SBR move forward i.e closer to Elle. For example, the market for Pb / Zn is seemingly flat but the prices will bounce back (likely 18 to 24 months) and SBR have a medium tonnage high grade cost effective deposit - that beneficates extremely well. Also the current price of V is stable and over the next 12 to 18 months due to Redox / Tech. etc. will highly likely break-out - review the other major V deposits (existing mines) in the area; along with the following link: http://www.rzuser.uni-heidelberg.de/~mboni/pdf/Descloizite.pdf

Specifically note the schematics of Berg Aukas (mine) and how this correlates to Kaskara as at the Eastern entry at the top of the hill. There will certainly be contained V-ore and above all as there is predominantly a Tsumeb / Abenab subgroup there will be high Cu / V grades - the Cu grades across these two groups are the highest throughout the Otavi region.

Again the general market (public) seems to be blinded by this 'deep seated anomaly', and although it will certainly re-rate when struck should it be going to $1 from 15c (or under) or is a reasonable valuation at this stage 40c (market cap of approx. $85m). Well if the market is always right then Facebook would have certainly been a solid investment upon IPO ... right? Irrespective the SP is where it is and I agree with your 'risk on, risk off' mentality that exists today - evidently supersedes common sense these days!

How others are going about it, I can not speak for the general public yet I can state this - I likely hold more companies than most on this thread YET of all the companies I hold I currently only have 3 that I discuss with my family and friends to Buy; SBR is one of them. Hopefully that puts my sentiment in to perspective - even if I seem agitated at times (of course I have my reasons!). I also since the recent push up from under 10c (when I / we bought a few large parcels) have not sold any of those ascertained holdings, and I will continue to accumulate on these present lows. In the grand scheme of things SBR is a LT Buy, and I believe that 'JP will' (even more so now due to the recent consolidation) turn SBR into a major mine. And in theory if all goes according to plan we are looking at a 20+ year mine life.

As far as style goes, I am of the opinion that age changes peoples ideologies / concepts on life and thinking - of course JP wants best bang for his buck when a deal is struck! On that note, one would not have pushed that hard to consolidate the two areas so quickly unless they were 'very confident' of the richness within the area - it was evidently about having control. And I do not believe control as to potential future T/O (hostile) yet more so control as to not ever allowing a T/O to be considered. Think about it, if JP wanted out quick why not act on Kaskara first, develop, sell and then move on to Guchab etc. - could have been done in 2012 if that were the case!

Also come this weekend I will discuss the recent results in more detail, specifically F / E / E3 - the geophysics is very interesting, will examine via figures.

Time to clean my study, and believe it or not one of my few 'true enjoyments'!

NL