Patersons Research note, page-6

Simpa/Thongo ........................ I have spoken to management recently and they are very sensitive (I could even say disappointed) that the market, to date, have not recognised what has been achieved!! however they are now actively promoting KNL via various avenues in an attempt to get the SP moving hence the reports now being published and I believe this will continue.

They also plan ann's in September/October in the leadup to the announcement we are all waiting for and no guessing is required as to what that will be, all we need is for Mr. Market to realise that KNL are getting very close to the start of the mine development, I have no doubt this will happen just the when is what I'm find most frustrating and I believe management share our collective frustrations!!!!

HKP