TTC, fair points, but per my initial post, I think some results...

TTC, fair points, but per my initial post, I think some results are just around the corner. Agreed that full scale drilling has not started but this is planned for April post the wet season.

I think in the short term there may be upside for rock chip and trenching assays. But agreed its more bottom draw until all admin is confirmed and drilling starts (in a few months).

I note from the quarterly the “official annexure of rare earth elements to this new licence, which has been guaranteed in writing by the National Director of Mines and now requires the formal endorsement of the Minister of Geology, Mines & Industry”. So hopefully a formality pending paper pushing being sorted by the govt in Angola.

General & Administration

During the quarter some progress has been achieved in relation to resolving a number of administrative matters that have delayed the commencement of planned exploration programs. These achievements include the formalisation and execution of a comprehensive Joint Venture Agreement with the local Angolan 30% partners (to replace the binding Heads of Agreement) and advancement with corporate set-up under Angolan law.

In addition, the project licence was renewed for a further 5 years from 12 July 2011. The Company is currently awaiting the official annexure of rare earth elements to this new licence, which has been guaranteed in writing by the National Director of Mines and now requires the formal endorsement of the Minister of Geology, Mines & Industry. A number of meetings were held with the Minister during October at which he expressed his strong support for the Longonjo Project and the Company’s activities in Angola.

As a result of the resolution of most of the administrative matters, the Company re-commenced on-ground exploration during November with preliminary assessments of a number of historical copper, gold and iron prospects and mines located within the Project area being undertaken, along with a further program of rock chip and pit sampling at the Longonjo REE Prospect. While the Longonjo REE Prospect remains the primary target, the time delay in completing the administrative matters resulted in the Board reluctantly taking the decision to delay the proposed drilling program until after the current wet season.