post-indaba update

Just received an update from Jason Brewer on a few questions I put to him. He is completely exhausted after a very busy time in SA recently with the Indaba & many other things besides - so his answers were short & (mostly) to the point.

Regarding the 6 drilling rigs working in SA since last November - there will be a mandatory Competent Persons Report included as part of the AIM listing. Drilling results will be included as part of an updated Reserve and Resource Statement.

Mihal's: Last I heard (via OPLC report) was that AIM listing is to be concluded before June 30 2011 - but I'll try to pin down a more definite time frame from JB when next I talk with him.

I asked JB if Conti was looking at the prospecting rights/leases that BHP are divesting. Answer: Yes. Conti are very familiar with these leases (i.e. through Don & Johan's time with BHP & their BHP connections). Some of these are highly complementary assets. Conti would be neglecting their responsibilities if they were not to pursue opportunities such as these. If any assets fit the Conti business model, then they are worth considering. Conti are not looking at the Waterberg area (in general), due to the lack of infrastructure and water, which are major hindrances to development. Needless to say, the board are aware of some shareholders' view that Conti would be best to just stick with their existing portfolio of assets.

Mihal: no specifics were offered as to which BHP assets are being considered, at what price, and using what funding. We'll have to stay tuned on this one. I won't comment further on this one until I see more details.

An update on Botswana developments will be released "shortly".

Regarding Penumbra - no need for further equity funding. I have asked JB to clarify if additional debt funding is needed to cover Penumbra.

JB will soon forward (us) a more complete professional biography of DT - for those here who were asking for more details on Don's career & the type of projects he was involved with.

A number of broker/research reports will be made available "soon". JB is still working with the unnamed US institution, to get their report finished.

Regarding technologies like POSCO's Finex & Kobe Steel's ITmk3 - steelmaking processes which use thermal coal instead of coking coal, JB said, quite succinctly, that "they can only assist".

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Most of this post is a paraphrase of the email I had from Jason, unless in direct quotation. Permission has been granted to relay this information.