Ann: Pre-Feasibility Study Completed, page-96

Just another notable factor is the mine life and costs; 22yrs VRC and MNS 16yrs for blocks F and FSL.

Big difference for me is the higher strip ratio for MNS over the life of its mine, thats going to cost some dosh....MNS much deeper. VRC closer to surface!

MNS PFS

(page 2) and.... A substantial exercise was undertaken to source Tanzanian companies to quote on supply of goods and services for the study particularly in relation to contract services.

This is of course a lot more now, than what it was back then, and of course nothing has happend since, and still hasnt, eg: off takes....

VRC PFS:

The economic pit designs has been estimated at 83.4 Mt @ 4.7% TGC at a LOM waste to ore ratio of 1.4. This equates to providing a 22 year mine life. Volt’s strategy to develop the Project will be to initially develop the oxide ore at Namangale North and Namnagale South’s Nam 2, which can be cost-effectively mined at lower strip ratios, and to then develop the transition and fresh ore zones. To extract early value from the coarse-flake ore at Namangale South, ore feed to the plant will be 50/50 Namangale South / Namangale North from the start, until Namangale South is exhausted. Namangale South ore will be initially supplied from Namangale 2, and when that is exhausted, Namangale 3, for a total of 8 years.

It was quite clear that it was deeper drilling for MNS and shallower more to the surface for VRC. We are here to make money and get quality product to the client. Infrastructure is a must, sadly MNS will miss out on that, due extra expense moving the Farmers, then new roads...etc....all costs money...As per their admission on page 2 of their PFS.