reversal, page-7

Champayne,

I am going off the various drill results published. As far as I can see, of the 60,000 metres for IDA dome, only about 20,000 metres (roughly) have actually been reported out of the lab. My understanding is that about 40,000 metres of drilling have been completed in IDA, it is just the labs that are taking so long. For those 20,000 metres of assays we can expect roughly 20 million lbs initially. Maybe a little bit more, maybe 25 million.

Extrapolating those figures I think the final IDA resource could be about 50-60 million lbs (twice what was originally suggested) but we will have to wait quite some time before that is proven and I am assuming the results remain consistent. A hole like GD012 (in Garnet Valley) could raise that figure.

On another matter, Rossing South is moving ahead really fast and all indications are that it is a monster resource, I mean a real monster. The fact that it is an easier terrain to drill in and the fact that it holds so much promise has driven EXT to move drills to Rossing South. This means that Rossing South is fast catching up to IDA in terms of progress.

In the end I cannot see that the game is about anything other than Rossing South. Even though Garnet Valley and GD012 was horn-bag stuff, it is Rossing South which will capture the imagination of RIO TINTO. Not only because of the size of the deposit but mainly because of where it is in relation to the existing processing plant.

How big will Rossing South prove to be? I have NFI but I think there will be lots of OOHHHs and AAAHHHs when we know.