manuel africano, page-56

Mull...I have not forgotten you..

I have gone through the PWC Valuation document, and have a few observations;

* The valuation appears to be only a "desktop" valuation, with all the information being supplied by CVI.
* There are a number of inconsistencies in the report surrounding Citiview, Fortitude, Pensador and Canzar.
* The proposal of cross shareholdings, prior to the merger with Pensador seem to be a cumbersome way to proceed.
* The is a lot of language.."planned"; "expected", "believed";"anticipated"
* Para 3.2..Under the agreement with a majority of the proposed investors of Pensador...Who are these investors? CVI shareholders?

The BIG PICTURE is very confusing indeed.

I think the only way out, is through the diamond venture, as it is the quickest source of cash flow and lowest capex. I would try and follow up with Fortitude and Canzar as to how this part is developing.

It would also be nice to see the actual page where the partner signed off. There must also be some declaration as the basis of the valuation i.e. that it was based solely on information supplied from the Company (CVI). The report is long on supposition with little hard valuation evidence.

As to MS, I have some mining buddies in WA checking on this. I will not post any comments on HC wrt this. If you like you can email at [email protected]

P.S. After living in Brazil for 20 years, having the same Portuguese cultural background as Angola, I would imagine the new (Acting) Chairman may be a smart appointment.

Hope any of this helps....cheers, Skip