the presentation

Fellow Holders,

I found the presentation strange in that it seems entirely focussed on Rossing South. They mention in one line that a BFS is expected in 2008 based on IDA dome and then went on for many pages with drill results, diagrams, sattelite photos etc but all on Rossing South (????)

There is not a single mention of the GD012 results in Garnet Valley, why would you not mention that?

I had a thought that perhaps they are only allocated a short time for the presentation but it still does not entirely explain why.

I know that management are surprised the market seems to ignore results from Rossing South, to them it is greatly exciting. The presentation released today seems to be in keeping with management's enthusiasm for Rossing South.

I have my own personal opinion that they are focussing on Rossing South at the request of RIO. I have this niggling feeling that RIO has said "maybe we can work something out with Rossing South, maybe we can put up the cash to develop it but you will have to prove up the resource before we will say that publically".

I think they moved rigs to Rossing South because they were asked to provide more drill results before talks could go any further.

So now we have some Rossing South results which are very good, perhaps more good results are on the way. The question is what if this leads to RIO announcing a JV with EXT to develop Rossing South (and lay tracks to the processing facility at Rossing).

What if RIO releases estimates of how much they will process (with EXT) from Rossing South per annum?

What will an announcement like that (by RIO on the exchanges where RIO is listed) do to the share price of EXT?