Ann: Report Update, page-85

Stocks,

I concur, Merle has a deep speculative insight into the South Johnstone bauxite project. We will soon see if this potential is borne out. IMHO a speculative re-reading of the conceptual ore target potential puts it into the +500 to +1,000 billion tonnage range over the entire permit area.

A confirmation by the indpendent third party of an upgraded Measured and Indicated resource, and confirmation of conceptual target 0.5- 1.0BT, confirms potential for first stage of production at 800,000 tpa puts the valuation easily within a $0.10 - $0.20 per share range.