citi presentation, page-5

Druidic,

*** IMO RIV is long overdue for a rerating and has missed much of the positive market sentiment of late... Views? ***

This is a classic quiet period where explore / developer moves to miner phase. In this stage, the market gives no value to resource increases. In any other situation a maiden 1.7Bt inferred resource would be a company maker.

There is MUCH more to come; sit down and grab yourself a beer. The sp is floating around on day / short term trader activity. This money, particularly in the past 6 weeks, has been jumping from one hot stock to the next...CDU, PEN, EXT, to name a few. RIV is not one of these.

The big gains in resource stocks, since the GFC, have been made. Most of the current market action is in banks and industrials. Lots of junior resource stocks (except a number of explorers coming out maiden resources and significant updates) are wallowing, or slipping down.

The fundamentals of RIV are going through the roof. It's a stock for long termers and the patient. Once we start seeing JV's or offtake interest in the Zambeze 946, you will see some action. It wont take much to see some REAL action. The majority who hold now, will not sell. The latest Citibank presentation shows that stock has in fact moved from retail investors to corporates and institutions.

The other activity will be a TO. Most holders I have spoken to would be looking to $ 12 - $15. Mallyon, IMO, is more concerned with a bigger picture of getting the resource size up and looking for potential JV partners, than in getting the message across to retail investors. RIV is all about institutions and big players. The rerating will come.

Druidic, most people here, do not have any idea of the size and quality of the RIV resource.

Cheers, Skip