Ann: Project Approvals and Corporate Developments, page-2

Excellent update from Volt Resources this morning. Trevor Matthews has hit the ground running. His experience of building and financing mines is one of Volts strongest difference between other companies. After all how many other CEOs have take a company from start to $2bn market cap ?

I wouldn't be surprised if Matthews and Sugar fund the entire mine through bonds in the US IMO.

"Based on current management forecasts, Volt has adequate funds on hand to meet its requirements for the foreseeable future with approximately $3 million in cash. The cash position has been bolstered by approximately $350,000 since the start of the year, with a $230,000 research and development tax credit and $125,000 from option conversion proceeds.

Post his site visit in Tanzania, CEO Trevor Matthews completed the first leg of his global road show as he met with fund managers and project finance specialists in London and New York.

On his return journey, Mr Matthews attended a mining conference in South Africa, where he met with several African-based financial institutions to commence discussions regarding development funding options to fast-track the Namangale project into production.

Advanced and positive discussions are continuing with end user groups in the US, Europe and China. The feedback from end user companies carrying out test work on Namangale concentrate graphite has been very positive. The board looks forward to updating the market further on these commercial discussions in the near future "

Very encouraging indeed !

GLTA

JM