time is of the essence, page-5

The Cameroon Government has recently, through the signing of the Mbalam Framework, given very good support to the project through tax and and other financial incentives that are comparable to other countries around the World. We won't see the Mbalam Convention being signed until after a strategi partner / off-take agreement is found. The Cameroon Government also holds 10% of CamIron, and has earmarked this project one of national significance. I believe the Government is firmly behind this. I'll bring the Government up again later in this post.

I'm not sure why Jones did not stay on as a non-executive director. Maybe his work with SDL will be complete by August 31? Maybe he only wanted to be involved with domestically based companies from now on due to his health problems. I'll admit though that I would have been more confident if Jones was returning to SDL instead of GBG. He does still however hold a huge number of shares so has a vested interest in the company after he retires.

There hasn't been a huge number of announcements because, as the company has stated time and time again, they were scaling back resource definition significantly and focusing on finding strategic partners. You shouldn't have expected any further resource announcements. I wouldn't expect SDL to give a running commentary on partner negotiations either, especially when you consider that confidentiality agreements were signed by all interested parties. A question, why have the presentations stopped? Surely if there were no interest then the presentations would continue and more aggressive marketing of the resource would be taking place?

Cash reserves will see the company out to the end of the year if need be, hopefully. If SDL can announce a partner within that timeframe then money will not be an issue, because remember the Cameroon Government has indicated it will agree to pay 50% of all Mbalam development costs to date for another 15% of CamIron. Go back through the SDL financials and you will see that this is a significant amount. The Government will also be responsible to fully fund the 15% capital costs of the Mbalam project if they take up the further 15% of CamIron. The Cameroon Government is entangled with CamIron and SDL, this is a good thing becuase it is in their interests for this to be successful.

There are just a few thoughts on your questions.