incase you forgot what youre here for

I know its been a while since an update, but have a read of this, watch the video's again (attached in my sig) have a drink and just relax. If what Range were trying to do was quick and easy, everyone would do it and it wouldn't be potentially high reward.


HIGHLIGHTS:

(1) Puntland Parliament unanimously approves PSA
(2) Acquisition and positive interpretation of previous exploration data
(3) Investment in Range by strategic UK and US Funds

PUNTLAND PARLIAMENT APPROVES PSA

The Parliament of Puntland unanimously approved the proposed production sharing agreement (PSA) between Canmex Minerals Corporation (“Canmex”), Range and the Puntland Government on 23 December 2006. The PSA relates to Canmex’s US$50m farm in into 80% of the two main oil & gas areas of Puntland, being the Nogal and Dharoor Valleys. The PSA cemented the ongoing cooperative and committed relationship between Range and the Puntland Government, with it effectively giving Range (and its Joint Venture partner, Canmex) the exclusive right to conduct exploration and development activities in the most prospective areas in Puntland. Following on from the previously endorsed Contract of Work, the PSA approval was a significant milestone for both Puntland and Range, as it confirmed the willingness of Range to assist Puntland in the exploration and development of the potential petroleum reserves (both through Range’s own work and through bringing well financed and highly skilled third parties into the country) which Range hopes will bring significant benefits to both the people of Puntland and Range shareholders.

STRATEGIC INVESTMENT IN RANGE BY OVERSEAS INSTITUTIONS

During the quarter Range was extremely pleased to secure two placements of $1.5m each by UK based RAB Capital, and Cayman based Firebird Global Master Fund Ltd. The Board viewed these investments into Range as a vote of confidence in the Company’s development of the hydrocarbon potential of Puntland as it pressed ahead with the finalisation of the Canmex joint venture. The strategic investments also set the stage for Range’s proposed dual listing on to the AIM market of London.

POSITIVE INTERPRETATION OF PREVIOUS EXPLORATION DATA

During the quarter the Company was able to obtain through Government sources previous exploration documentation relating to hydrocarbon exploration in Puntland up until June 1990. The documentation included previous seismic and drilling data processed prior to
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exploration activities ceasing in Somalia. Upon review of the data it was noted that the Nogal Valley area demonstrated;
1. Abundant oil shows;
2. Thick, high porosity reservoirs;
3. Many large structures; and
4. An excellent regional seal.
Range believes that the data provides further evidence of the large potential for hydrocarbons in the Nogal and Dharoor Valley areas. Range is of the view that this data will prove to be extremely valuable in fast tracking exploration activities in Puntland and commencing the first drilling program.

PUNTLAND MINERALS EXPLORATION

The mineral exploration program in Puntland continues to proceed from its base in Boosasso. Access to some areas is still proving to be logistically difficult, however good ground has been covered. An enhanced mineral exploration program may be undertaken in the next quarter to explore the already proven lead and zinc province, and possibly a potential uranium deposit.
CORACHAPI URANIUM PROJECT – SOUTH EAST PERU
As announced last quarter, Range Resources entered into a Heads of Agreement with Contact Resources Limited (“Contact”) to divest up to 80% of its interest in the Corachapi Uranium Project. With the focus of the Company firmly cemented on the development of the Puntland project, the Agreement allows Range to retain an exposure in the Corachapi project as well as an upside through equity in Contact.
After a field trip undertaken by Contact in November/December 2006, a new Inferred Mineral Resources estimate was able to be obtained. A substantial grade increase to over 0.32% U3O8 was achieved, with the resources being open ended and open at depth. Preparations are now underway for a February 2007 drilling program. This program will be designed for both definition drilling and exploration of untested areas, particularly at depth.
Range has full confidence in the ability of Contact to exploit the Uranium resources at Corachapi and looks forward to sharing in the success of the project.
The Company is extremely pleased with the progress it has made in this quarter. The magnitude of what Range has been able to achieve in often challenging circumstances is very pleasing. The Company looks forward to another successful quarter underpinned by the securing of Canmex as our first key joint venture partner, the acquisition of 100% of the Puntland rights, an institutional capital raising of at least US$20m and a successful listing on the AIM market.