fundamentals changed, page-19

In response to SS's query re. production commencing, Dhuy said - "I refer you to the companies estimate, that is my estimate".

OK... So, in the interests of attempting to gain clarity on this issue, I went back through recent releases from HQ to try and accurately ascertain just what the 'companies estimate' actually is. Publicly given info on this issue in recent months is as follows.

31st Jan. 2012 Quarterly Report - "first production targeted for late 2012/early 2013 ramping up over 2013. This timeline is subject to permitting approvals".

9th Feb. 2012 Indaba Conference - "To commence ISR production at Lance projects in 2012/2013* (* = subject to regulatory approval).

20th March 2012 Hong Kong Mines and Money - The exact same wording as the Indaba Conference release from early Feb.

Also posted on HC on March 3rd, was an interview with Gus at the NYSE. With regard to production timelines, Gus said - "....and we're about to go into construction of the mine which we are planning to have in production next year".

So, to recap. At the end of Jan. this year, HQ said they were targeting late 2012. In early Feb and mid to late March, we were still targeting late 2012/early 2013. Yet in between those two reaffirmations of our timeline, in early March, Gus said "next year", aka 2013.

Confused?

This issue is totally separate to our LONG TERM potential. We 'have' pounds in the ground AND we continue to find more.

But in regard to this specific question - 'what is HQ's estimate for production commencing at Lance', as the above clearly shows, depending upon what announcement you read or what interview you listen to in recent times, the 'companies estimates' are anywhere between late 2012 and anywhere up to Dec. 31st 2013.

We all obviously hope it's sooner rather than later, but the above clearly shows that HQ are yet to produce anything even remotely resembling a definitive timeframe for production commencing.

To be fair to HQ, how can they? With what is currently going on in the USA, for those who follow what's happening over there, 'they'll' know more pretty much when 'we' know more.

From what I've gleaned researching the above, to say someone's estimate is the companies estimate, is basically saying 'I don't know' when production will commence.

Regards
RM