Ann: Ngualla Project Update , page-8

Doesn't look like PEK management are asleep at the wheel to me. Looks like lessons have been learnt over the past couple of months.

PEK are obviously concerned about the sp and want shareholders and future investors to know there is lots of continuous news coming over the year. Not like last year where there was little news for 6 months after our big run to 97.5 cents and then drify down to the 30's.

I like the fact they are now looking for longer term investors ( lets hope this time if they give away silly options they also have the ordinary shares in escrow for a period) and a cornerstone investor who will also act as an offtake partner. It seemed previously that AH wasn't to concerned about cornerstone investor but I think he has now woken up to the benefits of such.

It is a concern that there are no substantial holders in PEK. Sub holders lock up shares that are not traded and reduce the pool available for short term traders. AH looks like he is finally making a concerted effort not to go the way of sophistos anymore with future placements. Sophisto placements are the easy way out.

Presos IMO are 99% a waste of time, money and effort. London and LA are not the places to do presos among the sharks. If I was doing a preso it would be in Shanghai, Tokyo or Seoul - genuine needy rare earth investors. Anyway, they have also addressed this with a PR firm who will target potential long term and cornerstone investors. One on one presentations.

PEK is oversold and the bottom looks to be close to being set. All these funding stuff ups in the end has provided probably the last opportunity to get on board a truely Tier 1 asset at throwaway prices.