Ann: Revised Kaiser Resource Est Improves Confidence and Grade, page-4

The headline inspires confidence yet does not capture the full extent of the announcment. The detail of the announcment shows that Alkane has been able to, through driling and mine planning:

- show that the Boda area resources are closely linked, combining to a vast resource; and

- that they, in this case Kaiser, are susceptible to easy bulk mining.

It increasingly becomes an issue of conventional mine design, funding, construction and mining, which Alk has proven capable of at a lesser scale. Its real decision will be whether to have a JV or take a likely more protracted time to go it alone. Its pretty apparent from the detail of this announcment that much of Alk's energy has been directed at the main event, ie Boda. Rightly so.

This is very encouraging.