waiting for permits to be granted, page-3

From the activities report released today (at a very strange time may I add - right before close!)


“The potential for graphite mineralization is further supported by the initial images obtained from the interpretation of the aeromagnetic and radiometric data. The initial images suggest that the graphite mineralization may continue along the north east corridor and could dip under some cover. There are some areas of strong importance which have been identified along the axis of interest, as outlined in Diagram 8.
The Company confirms this is the initial review and further interpretation is required to better understand the data and identify target areas. Once the licenses are granted by the Mozambique the Company will be in a better position to test these target areas.”

- Positive.


“Subsequent to the quarter the Company successfully managed to obtain the relevant aeromagnetic and radiometric data covering the license areas. The quality of the aeromagnetic and radiometric data was reviewed and assessed by local service providers Southern Geoscience Consultants.”

- Positive.


“The Company is currently in the process of interpreting the data and imagery with the view to identifying the structural features that potentially host the graphite horizons and assist the Company in ascertaining potential target areas on the various licenses.”

- Positve.


“Also during the quarter the Company actively liaised with the Mozambique Government officials in order monitor the progress of the license applications in their final stage of being granted.”

- Positive.


“The Company remains hopeful of a positive result in the near future on the granting of some, if not all of the license applications. Once the licenses have been granted Triton will be able to access the license areas begin exploration activities.”

- Positive.


“Both the Ancuabe and Balama exploration licences currently held by Grafex are located close to major infrastructure, including power, water and road and air transport and the port of Pemba.”

- Positive.


“Based on due diligence results and historical data the Company believes the Ancuabe area is high prospective for more graphite mineralisation.
The Company considers that graphite mineralisation could extend further eastwards and westwards from the Ancuabe mine and license applications 5336L and 5380L cover the areas to the east and west of the Ancuabe mine respectively, as further identified in Diagrams 4 and 5 below.”

- Positive.


“The Company believes the Balama licenses are highly prospective for graphite and constitute high quality exploration targets. The Balama region in the Cabo Delgado Province continues to be of focus for graphite given the strong positive results still being released by ASX listed company, Syrah Resources Ltd (ASX: SYR, “Syrah”).”

- Positive.


“The recent Syrah results show strong mineralisation in their Balama East deposit in Permit 3230L, which appears to be extending on a north east structure.
Base on regional structural trends the Company believes that this graphite mineralisation could continue into License 5365, which is approximately three (3) kilometres north east of Syrah’s Balama East deposit as outlined in Diagram 7 below.”

- Positive.


Now for someone to tell us the negatives :)