comparison to africa coalers (nmr: 4 2 bill t), page-14

Guys

Couple of tick points I believe will drive the SP further:

1. Resource is comparable to AFR and HDG, even though only 70% ownership.

2. Drilling has commenced in Oct 11 at T. South which earns another 65%. Looking through the tenement and Botswana region suggest that there is substantial upgrade to the resource size.

Point no. 2 is the next catalyst and it wouldn't surprise me that some early core visual results will be reported shortly.

AFR ~$103M, NMR $16M. There is a lot of catch up to do. Last few days weakness is due to ppl not understanding the wash value and potential addition of resource from T.South.

I'm holding a small core and once this run wouldn't surprise me that $0.10 will be reached in the next 2 months. Even at $0.10 this is still comparatively cheaper than most African coal minors.

cheers