Ann: Maiden Mineral Resource Estimate for Merelani East, page-8

Heeman, the JV is still worth pursuing (due to mining licence approvals in place, which will save us probably 12 - 18 months), but what this announcement does is to indicate to STAMICO that KNL is setting up to go it alone if they drag the chain, so pull their finger out. The comment regarding the buyers has been mentioned to me a number of times over the recent past, i.e. they want the product. It's still worth our while to wait (for JV), but this will start putting more pressure on STAMICO, and particularly their JV partner (in Tanzanite One). The key comment in our announcement is "without the complications of gemstones".

The met results are fantastic, with nearly 60% large flake above 180 microns, and less than 14% fines (smaller than 75 microns), which we knew (for those who have done their homework on the old deposit already). Epanko is good, but Merelani met results are another step up from Epanko, and the only other comparable is the Magnis (MNS) resource, also in Tanz (although the overall Merelani deposit I'd argue is superior to the Magnis one, but for all intents and purposes they can be considered comparable).