bill on air, page-6

With the litigation hearing being vacated and a new directions hearing booked in for around a month away it looks like it may be heading for a fizzer eh Dcros.Not that this little black duck ever wanted to see a mountain of that project cash committed to some legal mob.Theres only ever one guaranteed winner in legal actions imho.

But when one thinks about it the timing is quite interesting isnt it.According to Aim they are supposed to have much of the financial side of the project ie,offtakes and debt,sorted by this time.So the legal-political corporate pressure is being kept on for Aim's financial Perkoa targets.But now the option is left open for this action to be pulled much at the same time these finacial issues will hopefully be sorted.Almost like an incentive for Aim if you will.

Its been a very interesting approach by Tom McAuley this time around(Vs Afplats).Rather than get offside with any significants that might have taken issue with a NS move on the board he's approached it with a subtle legal move,that although obvious,has resulted in the company moving the offending management out and getting the digit out to instil some value back into the market cap of the company as long as they can achieve these financial/fundamental project targets.

I was a little surprised at the apparent dissappointment of BC's in not getting the last equity issue away.Perhaps this is more a function of how much this may have affected the NPV of the project given that any profit would have gone straight to the bottom line.But now they have to look at a period of debt repayment.Im not so sure NS would be quite so miffed at this outcome!But given its uncovered some major problems with the project numbers at least they arnt walking into those problems mid project start-up.

The detail offered in the last qtrly was quite good and pointed out both positive AND negatives for their projects.I particularly like the fact that they informed holders as to why the Mumbwa drilling has had issues.We,as investors,are not dummies when it comes to no information flow.This usually means there are problems but we are not always informed of those problems.In actual fact imo this will minimise the "trading" of the stock as traders wont like the fact that the company is coming up with negative info that they cant really effectively trade the stock off on which was one of the problems with the gun slinger in that he was always trying to present positive info.Hopefully this will result in more fundamental trading of Aim.A forlorn hope with over 1 billion on issue?Perhaps.But we'll see.

Getting back to the trading aspect,and the sp.I dont think we will see the sp start on any significant rise until we have these rather crucial offtakes and the debt secured,as long as this happens of course.As DK says its still a pretty risky investment from this aspect so I cant see any previous level of buying coming back in until these issues are sorted as then,and only then, are we guaranteed of having the full finance to complete the mine.I also think that there is still some trading PRESSURE being brought to bear whilst we still havnt seen those targets met.Take this comment as you will;-)

As far as Mumbwa results are concerned I cant see BHP wanting any good results anncd until this project is definitively known to be a potential success or failure and that will rely on all the holes,at least for the S-36 step-out program completed and assayed.So I think we'll be lucky to see the final result before the eoy.The only other possibility might be that for some reason they might want to give the sp some momentum but hopefully the company is over this type of cowboy behaviour.

One more thing about Mumbwa.Good to note that they have upped the drill program to 10,500Mtrs.One of the main conditions of the JV was that for Aim to attain the 70% of this project they had to complete over 10,000mtrs of drilling of a potential resource.I dont know what the gun slinger was thinking when he made that annmnt that theyd only contracted for 9,??? something mtrs.The more I saw of his mistakes the more I realsied he was either well out of his depth or he just didnt give too much of a stuff about the detail of such issues and its the detail that can often make or break such a small company.

Also good to hear that detail stuff on the automated shotcreter being on site and them having started on this aspect.So it looks as though the box cut/portal will be made complete and safe for the decline start in the not too distant future.

Finally,its good to hear BC wanting to impart info to the masses in the last part of the interview.Theres always plenty to talk about with such a project as Perkoa and it shows that if the company is willing to fill their holders in on such detail developments or problems they will be rewarded with loyalty and perhaps some somewhat happier significant and not so significant holders!!!.

d.