riceo1, page-4

Cam,

Just got back from overseas trip!

Had a very long chat with MLS last night and my position is the same as always. The recent grades from zone D are fantastic and there is plenty more to come, the guys at MLS could not be happier with the results.

We weill soon be going back to zone B and then back to zone D for a few extra holes so we can expect plenty more great assay results to come through over the next few weeks!

There is a solid confidence regarding where Manindi is heading, as I have always stated the resource is going to head past 2.0mt in time, my target is around 2.5-3.5mt at no less than 7%!

As I stated before, when very few would listed there is still plenty happening over in Namibia, this has really got the juices flowing! I understand we now have a few more brokers taking note and asking questions and hopefully we will see this translated into greater buying over the coming weeks.

Lots happening on the groind in Namibia and please do not forget the other block! I understand that some interesting views have already been expressed regarding Mile 72, and not a lot (if anything) is in the price for this yet!

ARH still cracking on with Sherlock Bay, another MLS asset flying well under the radar of most!

My take at the moment is this:-

Manindi fair value - 15c
Namibia fair value - 10c
Sherlock bay - 3c
cash & tgs - 2c
for fun - 1 c

Total fair price - 31c

Curent price - 10.5c

Loads of blue sky! Price being played with, a couple more announcements and we will move away from these levels.

MLS a great hold/buy!

Regards