take a deep breath, page-8

Five years ago I wrote to Tertiary's head honcho and then asked the best source possible in this general case about Tertiary's head honcho and his claims on the Saudi deposit and licence. I was told that if I repeated what was said the conversation and it's contents would be denied, but suffice to say that what was forecast came true. Tertiary never had a proper claim (never mind a controlling one), over a licence and the uranium factor was also a major stumbling block for a number of reasons, which few were prepared to consider during a uranium boom. Contrary to Western (especially American), belief, there are also major differences between Saudi Arabia and Egypt, including in relation to mining.

Egypt is not stable? A few years ago, it had the best performing stock market in the world for two years running and it has a leader who has been in power for decades and is grooming his son to take over. There have been no incidents of note in GIP's wider area and the climate (no apologies for the "pun"), is highly predictable. Business incentives continue to improve rapidly and are now such that all the major countries (note the recent news about China and the massive investment in the tax free zone to the North of GIP's location) are now investing in mining after the country was essentially closed off to foreigners for a half century.

"GIP would likely benefit from conducting more project development." ... not sure what that is supposed to mean, but it's all ready to go once a bank loan is granted. Hint!

"contracting end-products from an exploration/development company has limited value" ... apart from the illegal and artisanal stuff, that's how the tantalum market works, including the other contracted players in North and East Africa. Why should GIP be any different? Meanwhile, limited life Wodgina is supposedly only coming back into the picture if tantalum hits $100 / lb.

There are a number of reasons why the insular Arabs don't invest in GIP, including that GIP is not listed in Egypt and doesn't fully comply with certain religious constraints on many for investment purposes. Meanwhile, we still don't know who was responsible for consistent buying which saw the tripling of the share price late last year on all time record volumes for two months. Whoever it was hasn't sold out yet.

One thing I know for sure is that there are any number of objections which can be raised about GIP which would miraculously disappear and can even become assets when something like what took place in the tantalum market in 2000 rolls around. Forget not the explosion in uranium stock prices and listings in this country while the three mines policy remained firmly in place.