Hi all,yes Zmans, I was at the AGM today (the most casual...

Hi all,

yes Zmans, I was at the AGM today (the most casual looking guy there ;o). I asked all sort of questions during question time (and before and after AGM as well).

Overall a good meeting (and networking session), although no breaking news.

I had a good chat with Mike W. before, during and after the meeting. He also introduced me to UCL - Frank Reid after the AGM. It was good to see him there. It was good to chat with MAK - Andrew D. as well. All these MD are very welcoming and knowledgable.

Re. the questions:

# what happens to JV if UCL goes under?
- MW+TE: licences protected under JV agreement but possibility of further dilution for UCL holders (still need further clarifications on that...).

# global producer cost curve/ project economics
- MW: JV sits in first quartile ($100M capex is the edge compare to land based capex)
- Roger Daniel (Chief Op. Of.): economical @ long term sales price $80

# role of Tungeni?
- TE: polical support in Namibia

# are heavy metal level a problem?
- MW: no pb because they don't stay long enougth in processing circuit to pass through into acid output.

# how is UCL's right issue going?
- FR: not well, intention to lower issue price to be competitive with current market level.

# value of UCL's tax credit?
- FR: total capitalised medihabad expenditure(~$9M) x australia corporate tax rate (~50%) ~ $4.5M

cheers,
ppyy