mkt.cap -vs- 2013 turnover = 100%, page-3

my speculation is IG will offload the SRZ shares after SRZ release the new JORC , they have targeted this for March quarter. The new JORC will move significant tonnage to indicated , necessary for the PFS, plus a material increase in the inferred.

The stake would logically be sold to an Asian tin smelter or trader who would become a cornerstone investor in the Zeehan project. GIP would still retain a valuable royalty over the project, if the tin price exceeds AUS$30,000 pt the royalty is 2%. proposed production is 3900 tpa which gives around $2million pa royalty. At current tin price royalty is 1%.

In addition cash flow from the placer tin project I believe would flow to the GIP Egyptian subsidiary to repay debts . In the GIP Balance Sheet this amount has been written off due to uncertainty, but could be restated if the placer project delivers. One of the old hands around here probably knows the details better than me.

Overall things look fairly positive and there is a chance we do not have to endure any more dilutive raisings, though I will take up any offered. Sovereign risk still on the extreme side of course

tin looks very bullish, they could make $10million in 8 months if tin hits $30,000, which is possible this year.