independant report

Just had a first look at the 130 page ann - no wonder it took so long to come about!

Anyhow, here is what I took out of it:

Consolidation to be 1 for 10

Raising to be $2.25-$4.50m (at 20c each)

Total shares on issue post-consolidation approx 241m

Total Nigerian licence areas 393-422km sq.

Total Agbaja licence area 122-151km sq.

Agbaja Plateau resource estimate at 1.6-3.3Bt at 48-53% Fe.

Resource value range (post consolidation) 38.7-45.8c p/share ($104-$125m) using "preferred" value method.

A "high" value method came in at 73.4-86.8c ($205-$244m).