time running out, page-27

CR,

MRC have 19.5 M shares and at 0.92 this equates to about 14.5 cents of MRC's share price. Cash of about $2.5 M equates to another 2 cents, so the value in Tormin, Xolobini, Sierra Leone and Oil interests is only 6.5 cents.

Whilst Xolobini still appears to be a long way off (if indeed it becomes a goer at all) Tormin was expecting a decision on their MRA by year end. So a decision may come this qtr and if positive I am sure that it will add value to MRC but cannot say by how much. This will give the share price a boost and this may be the best time to bail prior to them sorting out the funding requirements as they would then need to raise the funds to develop etc. probably by a mixture of debt and equity.

Sierra Leonne is on TLC whilst the elections were on and expect a new 50 tonne plant to be up and running this quarter. But dates for Sierra leone almost always get pushed back like the mineral sands projects.

As for the oil interests, they have a 14.2% interest in Petro ventures who has a 5% interest in Stirlings who has made a gas discovery which is being evaluated for commerciality. MRC's interest is thus less than 1%. There was mention of listing Petro ventures on the ASX but not sure what the latest is on this.

Also have Black hawk Oil and Gas, but would be looking at raising capital to fund any potential wells.

All in all, as can be seen from the above it is only ALD plus cash which have value and the rest of the projects only have a nominal value of 6.5 cents or about $8M based on the 123 M shares on issue.