Ann: Presentation to Botswana Resources Conference, page-5

Looked at what the stock brokers are saying: Shaw stock report, 29 May says they believe Ellendale E9 pit isn't likely to operate after Oct/Nov 2014, meaning environmental costs and no cash flow. Their new valuation for Ellendale is -$7.7m.

Ord Minnett report, 28 May says “The resignation of these key personnel – with extensive diamond industry experience at De Beers and Gem Diamonds - is disappointing; the loss of Gideon Scheepers is particularly worrying in our opinion as we believe that he played a key role in driving operational efficiency improvements at Ellendale since joining in May 2013, and he was expected to drive the refurbishment, recommissioning, and subsequent ramp-up of the Lerala Mine in Botswana.”