Ann: Tala Hamza 2011 Update 7 , page-12

Hi folks,

Since MEED reported mid April the approval of Tamza Hala things have gone pear shape to us.

http://www.meed.com/sectors/industry/metals-and-mining/algeria-to-approve-zinc-mine-project-by-end-of-april/3093939.article

In particular the last few releases/comments are of a real concern.

First, as commented by KM, a proposed CEO had declined the position because an uncertain TH approval process. To be frank I was surprised by this candid disclosure (unless it was not candid!)

Second, that a DFS review, as stated by KM, would take so long.
And that now from a slow converging schedule, we are facing, as stated in 10, an unbound time. In this regard I speculate that the DFS review (that is close ended: yes/no-correct) might have transformed in a new feasibility study of sorts. I wish Terramin would be clear on what our partners are up to.

Or just simply the reviewers, that I would imagine charge by the hour, would try to milk WMZ and much as possible.

And there is an issue lingering in my mind. In the future, are our partners going to be so err... problematic?

On the other hand I cannot see the interest of the algerian interest of kicking us out. As it would be the second time Oued Amizour (see Breakwater) get dropped and of course another 10 years for the development of their mine.

Michael as things goes I'll be delighted if this gets sorted by communique 10 or in 3-6 months!