Bird In The Hand, page-2

Hi Scoundrel

Thanks for the post. I've just got around to the reading the report/interview.

Everyone's probably sick of hearing my view by now, I've had plenty to say and it's clear that I am supportive of the deal. I will support the capital raising as much as I am able to.

I do feel that the additional detail provided vindicates some of my arguments so I'm not going to labour on those. Just a couple of points of new detail that have emerged in this interview:

1. The Strandline assets do have nearly $3.5 million exploration expenditure in them (Tanganyika and Strandline). I think that reinforces that this is not an opportunistic paper play by the Sandline team. That they have well over $1 million of their own money already sunk also supports that they are committed to proving up the value in these projects

2.I thought the following two excerpted paragraphs about Syrah Resources project and also floating their Tanzanian mineral assets was exceptionally interesting. Let's wait and see how their placement goes and their project may have different geology (I don't know) but it seems that the prospective value in the Strandline assets is much greater given the sheer scale of what Strandline have put together. All speculative at this stage:

The only recently delineated resource reported from Tanzania is at ASX-listed Syrah Resources’
Fungoni Prospect, which reportedly has Indicated and Inferred resources totaling 14 million tonnes
with a heavy minerals concentration of 3.0 percent. This is an initial resource estimate and the
deposit is open in most directions. The assemblage at Fungoni is high value, with 70% valuable
heavy mineral comprising 22% zircon, 4% rutile and 44% ilmenite..........

"It is also worth noting that ASX-listed Syrah Resources has just announced a demerger of its
Tanzanian assets, including its mineral sands project, which is a much smaller package than
Strandline’s. Syrah reportedly value their projects at $12 million, with the bulk of that valuation
being for the mineral sands assets, and are seeking to raise $10 million from the market.