Ann: UCL: Namibian Phosphate Project - Resource U, page-12

re: Ann: UCL: Namibian Phosphate Project - Re... UCL is up 60% from last week.

Sigma, I've pointed this out a few times but the JV is not finalised, there appears to be no shareholders agreement in place. With Mehdiabad frozen, Sandpiper (and now the JV) is UCLs only project for survival and must progress at a rapid pace for them.

MAK have clearly stated in their Takeover Bid and the Revisions to the Takeover Bid that Namibia will be 2nd priority behind the Wonarah/Arruwurra. Fair enough for MAK but not for UCL. In BON UCL have a partner with equal incentive but not in MAK. At the moment MAK is a threat and not a friend and if that perception is wrong it is MAK's fault for not having proved otherwise.e