cat's out of the bag!, page-24

Hi Champ

Yes 30Mlbs/Yr is pure speculation on my part.

However if you look a the following comments made by John Main in the Operational Review and Project Update at EXT's recent AGM.

"SLIDE 13

TO SUMMARIZE AND TO USE AN AFRICAN YARDSTICK EXTRACT RESOURCES HAS THE “BIG FIVE” IN THE BAG AT ROSSING SOUTH AND WE WILL CONVERT THEM TO A GREAT (TROPHY) MINE. BUT AMAZINGLY WE HAVE THE OPPORTUNITY TO DO IT AGAIN IN ANOTHER CAMPAIGN ON OUR HUSAB HUNTING GROUND"

It looks to me as he maybe speculating the same thing!

My original post was in answer to someone asking the question "ERA or EXT, which has the greater upside".

Even if EXT only manages to produce 14.8Mlbs/Yr, it would still be ~35% more than ERA is producing, hence I would expect EXT to reach a hire MC than ERA within 3-5 years.

Regards

Steve