wet response, page-14

Hi lord e,

"If the backroom boys do gain control of the board it could mean they will be courting offers rather than waiting for them to arrive."

I have no doubt that they are talking to interested parties already. When I met Stalker he indicated that as well as RIO, French, Russian & Chinese buyers would be interested. One other interesting thing I learnt. Trekkopje is only 30km from Rossing South & (especially given the grade), it would be entirely feasible to truck ore over there for processing. However, I really don't think the big s/hs will make a sale that undervalues Extract.

There's some evidence today: http://fool.uk-wire.com/cgi-bin/articles/200901270748382903M.html

Dattels' Polo have just done a JV deal with Peabody over their Mongolian coal assets, giving Peabody the option to acquire up to 50% of those assets, with some cash upfront. This means that Polo s/hs (I'm not one) will continue to benefit from possible upside.

I do still encourage anyone that hasn't done so yet to vote against the resolution to eject Buchan, as a signal to the Board of our support. They've certainly done us proud on Rossing South.

Best,

Mark