Mr Market needs to wake up on this one. Recent 8ml CR + original...

Mr Market needs to wake up on this one.

Recent 8ml CR + original 1ml cash gives strong 9ml cash position.

120ml shares on issue, 14ml MC, top 10 holds almost 75% of floats.

Strong register. AIMS & FirstRand on board, taking just under 20% each.

Kwale project alone has NPV10 of 136ml USD, equates to $1.16 per share. Supports 11 year mine life starting 2013. Project well advanced with USD 40ml spent to date. DFS completed in 2006, updated DFS coming Sep.

Additional enhancement opportunities exist providing additional 1.5Bt mineral sands resources expanding project life to potentially 30 years.

Power supply secured, 50km haul to port.

Previously Chinese expressed interest in taking ownership of 70% for 200ml.

200ml required to develop the project. A hybrid of debt, equity & offtake financing to be used. preliminary discussions started (presumably on offtake?) and several funds already expressed interest in development equity raising.

Apparently the company is doing roadshow to raise awareness.

What is the market waiting for?