conference call

I’ve just had a listen to the conference call.

Bill reiterated that operational expectations were in line with what had been previously flagged.

Kinsevere Stage II US$128.4 million has been spent.

By Y/E a US$100 million line of credit is expected to be in place.

Bill mentioned that the share placement to Dan Gertler, expects this to be completed.

A scoping study will commence later this year for Stage III Kinsevere and once Stage II is commissioned, (if the numbers are OK) construction would commence on Stage III. Some small amounts of blister copper has been produced by one EAF.

We seem to now be talking about a 30K SXEW plant at Mutoshi rather than a 15K, the scoping study will be out before Y/E.

Dikulushi had a nw contractor who is managing the underground operations and both Craig & Toby seemed very happy with their progress. Still predicting 16K output for 2009.

Significant amount of drilling at Mutoshi & Kinsevere. Results out later this year.

None of the analysts seemed to be concerned about what has happened so far. All looking forward to the finalisation of the contracts review and better results for 2009.