James,Smoky Hills is clearly a small project and not on its own...

James,

Smoky Hills is clearly a small project and not on its own a very attractive investment story. Having said that from what little can be pieced together, there are strategic options to increase the mine life and I refer back to comments last year that there are possibilities to acquire neighbouring properties for this extension.

Kalplats is a much bigger story and for me is the the making of PLA. The grades are low but this is not an issue as this is more than offset through a low cost open cut operation and possibly processing issues should be addressed through use of the Panton process (one of the conditions of PLA earning its 49% interest is amking this process available free of charge). There are also interesting extensions for Kalplats through the 50/50 JV (allready confirmed PGM mineralisation over a 2km strike) and also the additional exploration in the Stellex venture.

Rooderand is still in early stages but this will bring another Smoky Hills type mine with what should be less geological difficulties.

BR
Max