Xray, good to have you back, its been a while! I know the...

Xray, good to have you back, its been a while! I know the negatives and agree, the company looks all but dead at the moment, but for a minute, look at the positives.

You have to admire the tenacity of the board, in the face of adversity they never give up, they keep on fighting and have put their money where their mouth is (there is no gravy train at MTB, they continue to put their own money into the company without drawing out any benefit and believe that the company has been in the past, and continues to be run off the smell of an oil rag). They have stood up to the bullies and in my opinion will win the fight for the license in Botswana. If this happens, the recovery will begin, it may even be the play of the year!

101 of investments: risk relative to return, this play carries extremely high risk, you are almost backing a dead company with a market cap of about $ 1 million, but at these extremely low levels, the upside is massive,

From memory, the last analyst report on the license (available on their website) which they are fighting for valued the license at $ 310 million. Its a 25.1Mt JORC compliant resource.This, in comparison to MTB's current value of just over $ 1 million, is 310 times higher than the current share price!

The determination and commitment of management, coupled with a share price which is 1/310 th of the unrisked, undiscounted valuie of this one project alone, ignoring the potential to expand the resource, which is almost guaranteed, and an improving zinc price, to me, makes MTB a wothwile punt.

Not for the feint hearted!