Ann: AGM Presentation 2010 , page-3

yep spot on DJ. another great observation..

I was there and here are the main takeaways for the people who are interested-
- They are going to extend the drilling at A238 by another couple of thousand meters. They have encountered greater thickness than they anticpiated and need to go on.
- they are currently about 3,500m's into the initial 5,000ms. First batch of samples are confirmed in the lab and assays imminent.
- They reckon they will have it pretty much finished by xmas and results will be flowing every few weeks.
- They are keen to get into Firrawa and extend the initial drilling campaign. They have only drilled 50% of the anomoly so far. The other 50% is difficult access and needs dozers to clear a path.
- REE grade is 5 times the value of U in the ore sampled.
- they are very conservative with any question on REE. They had to announce because it was significant, but it has left them with quite a few new challenges.
- they plan to assay a few old samples to confirm that the REE was not just a 1 hit wonder. To re sample all the core would cost $250k, so they are taking a conservative approach.
- they outlined some basic economics for Firrawa as a U mine with targeted cash cost <$25 lb and it is very economical.
- they acknowledged all the difficulties of 2010 and went some length to explain how these have all been addressed.
- and to answer DJ's question- yes they will need to raise capital next year, however, have sufficient to finalize all the current work programs.
- 2011 will consist of a 2 pronged strategy in Mauretania and Firrawa and news flow will be a steady stream.
- the new COO has left investment banking, to join a small company with some impressive assets.

thats it in a nutshell chaps.