summary going forward, page-3

Robm - thank goodness you clarified the fancy financing details. for a moment i thought you got rid of the wife!!

have to agree with you on many aspects re: mgmnt quality (cue wally about salary rates), logistics, roadmap to production.

but want to put out a more balanced view that the ONLY hurdle is finance. it is not unfort. Finance isnt the silver bullet but merely anthoer key stepping stone to production. The hurdles include 2 yr construction period, budget blow outs, labour issues, commodity prices, global growth, risk premium for SA (real or perceioved). And finally i dont think it is a world class resource. yes its big, shallow and easily mined but its also low yield, thermal, stranded inland and requiring beneficiation to upgrade to export spec

pls dont take this as criticism i am very long RES - just dont want any dissapointment when RES isnt $1+ after PJ patches together financing soltuion!!

GLTA