Ann: December 2010 Qrtly Activities report and 5B, page-2

re: Ann: December 2010 Qrtly Activities repor... "we expect Record of Decisions and Mining Rights approval within the first half of 2011" - as we have organised to sell them on immediately to Arcelor Mittal (BUT with DMR permission of course)

"FSE has signed a lease for an office in Laphalale within the Waterberg vicinity" - if you can't find it try looking behind Mma Ramotswe's bottle store. We put up a hand-painted wooden sign above the door. It says "Coal House!"

"the Sekoko/FSE JV is likely to sign the off-take agreement before the end of the first quarter of 2011" - but don't hold your breath could you cause an aneurysm...........

"positive cash balance of $1.6m" - As we can borrow only another $4.4m we will out of our corporate misery in only 2.75 quarters. Gone by Sept. 2011.