Ann: Tala Hamza Discussions and Market Update , page-13

I just realized that I accidentally clicked stock held in my last post. Just to clarify, I don't hold TZN but I think it is a hold pending news re: strategy and sale. They still have 2-3 years of good production from Oz assets, which have further exploration upside. When they sell Tala Hamza - (I think this is likely), they will need to move fast and put cash to work on acquiring acreage that can be put into production within 2-3 years. The Chinese and autocracies in Africa have a lot in common.

They have a window of opportunity to sort themselves out. If the markets dip between now and November and they complete this sale they will be in a nice position to go shopping for near production assets in need of cash.

One possibility (pure speculation on my part) is to establish a J.V. with KZL & PEM together with a Chinese partner to develop Admiral Bay. Cost 1 billion - 50% zincers & 50% China. Sovereign risk - nil.