announcement, page-32

Further to my last and this should concern all shareholders.
If as I believe the new permit is made retrospective from the expiry date of the last permit then the company will have only limited time to complete the requirements of the second permit. I.e only have 12 months to complete the work that may have to be done in a nomal two year period.
If the company fails to meet the requirments of the new permit then that would be grounds for the Namibian Mines Dept. to deny a third application of a renewal.

Below is an extract from the Namibian Mining Act:

71. Duration of exclusive prospecting licences.
(1) Subject to the provisions of this Act, an exclusive prospecting licence shall be
Valid -

(b) for such further periods, not exceeding two years at a time, as may be -
determined by the Minister at the time of the renewal of such licence as from
the date on which such licence would have expired if an application for its
renewal had not been made.

(3) Notwithstanding the provisions of subsection (1), but subject to the other
provisions of this Act -
(a) an exclusive prospecting licence shall not expire during a period during which
an application for the renewal of such licence is being considered, until such
application is refused or the application is withdrawn or has lapsed, whichever
occurs first or, if such application is granted, until such time as the exclusive
prospecting licence is renewed in consequence of such application;