Ann: Exploration Commences at SPD Vanadium Project, page-3

I forgot to add in with regards to drilling and as may have been concluded from reading this ann, I asked if the initial drilling focus was going to be on converting the existing SAMREC resource to JORC compliance or testing the pipes, he replied that they would be targeting the pipes.

This is a very positive sign to me as the resource already looks great. To be targeting the pipes indicates to me that they feel there is enough of them of significant size to be able to do something with and believe that the grades obtained thus far are legitimate. I know it's dangerous to get excited about initial results, but they did take enough material from 2 pipes to be able to met test them, so it clearly wasn't just a selective rock chip sample, which often tend to be very unreliable indicators of true grade. The met testing still needs to come back positive, but I feel that this is likely as the results from the whole rock/in situ grades from those 2 pipes are better than most concentrate grades already. Combine this with the similar mineralisation that is already being mined in the area profitably.

The theory that any pipes formed first (out to the east of the resource) containing higher V2O5 grades is something else to possibly look forward to also. They appear to have identified a few targets based on existing LANDSAT imagery as shown in the ann, in this direction.