attn: mihal, page-9

Hi Aggie.

I find it very difficult how you can look at the current sp without factoring in a big gob of poor Euro,and possibly soon to be global financial conditions.

This has absolutely smashed many spec sps as well as much larger companies if not the whole market.

From another died in the wool CCC supporter as myself,yes weve seen continued dilution/fund raising to plug some funding gaps as the year has worn on and their two operating mines and corporate funding in the form of Vanmag and SIOC have been slow to come in.

But Id be also having a look at what theyve acheived in the last year and contemplate just how much value will be realised from these projects.Heres a bit of a summary.

* settling the new corporate structure integrating Mashala

* started Botswana drilling

* the new BBBEE being signed up

* Penumbra ground works/box cut started

* turned Ferriera/Vlak cash positive

* DeWitt Bfs completed

* JV'd with KORES on VLKplaats

* Initiated offtake/finance deals with EDF

* Acquired Wolvenfontein

* Consolidate Vaalbank/Project X interests(3.6M)

I guess it depends on whether you see these efforts and any likely forward possible value in the company as balancing the dilution we have seen to date and just how much of the soon to be incoming SIOC/Vanmag funds will enable some of these plans.

At least a couple of the above should add more base value to the company once realised,the main ones being DeWitt being moved from BFS to development status and a resource estimate at the Botswanan projects.

I also dont think we have seen the end of the acquisition trail now that SIOC-cdt is just about entrenched as the new BBBEE partner.I think we can expect more Wolvenfontein-like acquisitions.

But the huge variable for me now is just how the Euro issues are going to be sorted.Just about all commodities charts are starting to look downright scary as are the market indices.

d.