ann out, page-5

Hi Reiner,

My personally thoughts:

The Good:

- the vanadium grade from around 88m is RIDICULOUSLY GOOD. Massive revenue potential there
- more importantly, the high grade vanadium seems to coexist with the high grade graphite sections (60m at 20%TGC and 0.3% V is fantastic)...which basically means they can select to mine one high grade area rather than two separate areas to access each commidity at its most high grade stage
- the mica can be separated from the graphite as the announcement states (already knew that, but thought I'd point it out due to your royal highness' ridiculous comments previously)
- First resource will be out before EOY...thought perhaps with the assay delays may not get it till 2013 so this is good
- with logistical issues overcome (as per ann) plenty more assays should hopefully start flying in
- Balama East holes appear to be higher grade than Balama West...watch out when these come in!
- wording seems to suggest that balama east andd balama west actually are continuous...over 7km! And who knows how wide! Resource is going to be massive once they start drilling between (probably after initial resource)

The not so good:

- Really hopped for better grades at shallow levels

Can't really think of any other negatives to be honest.

Cdchi1