Ann: Maiden Exploration Target at Muchea West Silica Sands Projec, page-30

I agree with most of the forgoing comments:

* Cranston did a great job getting the deal across the line for CRB

* Management looks ok at this stage

* Attractive resource in terms of future demand, future development / proving up of the resource, relatively low capital requirement to mine etc

* Dilution for existing shareholders - but not many options for shareholders and the project has loads of potential

* Vendors took equity in CRB so they have demonstrated faith in the project.

Management now needs to get some runs on the board, clear up any uncertainties regarding the defence lease, undertake the addition work they identified in the CR and show the market that there is value in the project not just potential.

I have a holding in VRX which is a neighbour to CRB - on the surface CRBs project has the potential to mirror VRX or even possibly be better based on some of the info we were provided with. VRX is much closer to development of their resource - VRX being successful and getting into production should assist CRBs SP once CRB progresses a bit further.