### new strike confirmed. ###, page-3

Gwello and stolwyk

His tactic worked - I had a look at SPH. Its in mauritania that's the only connection or is it???????? MD is Alex Burns - now could that be a relation of Allan Burns - HDR's Chairman??

SPH have just begun on a long roade to developing an iron ore mine in JV with the Mauritanian govt. Valuing it at present is nearly impossible - until the ore grades and comerciality are determined which will be some time off. Huge debt funding required, so more likley they will do a HDR down the track and farm-out. Very long-term IMHO.

H