Ann: Exploration Targets Update - Mauritania , page-5

Hi Tokyo, just read the SEMS report.

I'm excited by the prospect of hematitic mineralization being present on CHF's 792 permit. I also like the sound of 4 billion tonnes (magnetite alone).

When the Sphere deal was done, the iron ore price was double current levels- what's your outlook? I'm just concerned that with the Chinese slow-down and ever-deteriorating market conditions (particularly falling commodity prices) the market may not re-rate CHF as well as we'd like. And resource definition won't be taking place anytime soon as we still have trenching etc to take place. Trenching is more involved than magnetic surveying as you know.

Today's announcement and upgrade in exploration target was surprisingly not met with a re-rate- instead just one sell order.

I hope market conditions pick up and people wake up to this story. It should be north of 40c based on current data alone.

Best of luck to holders