Ann: Corporate Update , page-15

Stock up 30%, didn't see that coming..

Good to see costs finally addressed. The first step in fixing s problem is admission!!!

I dont understand if CCC has paid the first 11.5mill and only have $1mill to go, or have negotiated not having too? Prelim refers to them paying before drawdown and the update refers to no costs after drawdown???

My interpretation is they have negotiated down to $1mill ? If so what are the new conditions? Anyone read this differently?

webk

Prelim report
ABSA Capital facility includes a cost over-run facility of ZAR17,5 million (approx. AU$2.1m). The Company is required to fund the first ZAR100 million (approx. AU$12.5m) together with a further contingency amount of ZAR17,5 million (approx. AU$2.1m) prior to drawing on the ABSA Capital facility.

Update
? First draw-down of ABSA Capital debt facility for the Penumbra Mine development expected to be made from 1 October 2012, with the Company then no longer required to contribute further capital to its development