Ann: EMP Approval at Tormin Mineral Sands Project, page-2

re: Ann: EMP Approval at Tormin Mineral Sands... Iluka (the largest participant in the mineral sands business) has price agreements with customers in 2H 2011 that puts through large price increases for zircon (to $2,200/t) and rutile (to $1,290/t). Taking at face value what MRC mgt tells us about Tormin project (30-40kt per annum concentrate containing 80% zircon and 10% rutile), we get annual revenue of $57-76 million.

So although Tormin project is smaller than Xolobeni, it now looks like it will actually go ahead, having obtained the mining license and environmental approval, whereas Xolobeni looks like it has had it's mining license revoked (although the South African mines minister did not even bother to communicate this to MRC - such is the unbelievable poor state of affairs of mining regulation in SA).

I for one will keep the faith here. I have already been a shareholder for six years now, so have an emotional attachment to see see what finally happens. I see that mining entrepreneur Mark Caruso has relieved himself from day-to-day duties at Allied Gold, and may now, as MRC's largest shareholder, have the time and the inclination to get the ball rolling at MRC.

Good luck to shareholders!