re: no fall back position, page-45

re: no fall back position March 1/4 report due out tomorow or Friday.

Market cap back to $29 million, with still some chance at Shovelanna.

Should hear alot more now about their gold JV with Placer Dome at Kunanalling. Placer have an existing gold plant on land adjoining the CAZ/Placer project.

CAZ have been saying for 6 months now that mining by Placer ias about to start. 40,000 ounce project, which would see $3.5 million profit for CAZ. There is another 300,000 ounces scattered around Kunanalling, but with incomplete optimization studies (means not ready to mine yet- except for that 40,000 ounces at Catherwood and Wadi).

CAZ are not really miners, their stength is land management. They have a dozen free carried farm in type projects, whereby existing mining companies do the exploration and share profits with CAZ. (Such as Kunanalling with Placer). For this reason, I think they will still go after Shovelanna, as hard as they can.

News very soon also on application results for additional exploration permits around Pilbara.