Ann: KALONGWE PROJECT DELIVERS SIGNIFICANT SCOPING STUDY OUTCOMES, page-5

Cminer,

Just a few points:

1. If you had taken the trouble to look a bit closer, RER is in the process of moving to 60% of the Kalongwe project, with the option to move to 80%.

2. I think the fact that both Traxys and Tembo are both backing the project, both experienced and credible companies in Africa speaks volumes

3. Management on the ground are very experienced successful operators in the Congo and,

4. Recent signing of a joint venture with Ivanhoe gives scope for vastly increasing high grade reserves.

Sovereign risk will always be an issue in many countries in Africa, but Banro, Tiger, Ivanhoe and others seem to be happy to operate in the Congo.

Ultimately, you have to assess the risk that you are prepared to take and live with it. If you think the risk/return is not good enough.....don't buy! Simple.

Regards, LL