trading 20% below cash value - ev minus $8m

gbe

forecast $40m in cash as of 31/12/11

53% chinese shareholder that paid 40.5 cents per share

The Kanyika JORC Mineral Resource totals 60 Mt and contains a higher-grade component of 21 Mt at 4,100ppm Nb2O5, with significant additional valuable minerals including tantalum, uranium and zircon. The Project will be mined at an initial rate of 1.5 Mtpa for a mine life of 20 years, commencing 2014.

$42m in cash at 30/9/11

$2m cash spend forecast for Dec11 quarter

231,859,805 shares & options on issue

at 14 cents per share, market cap = $32m