Ann: Canyon commences drilling at Minim Martap, page-66

A few points...

- the word is 'beneficiation' not 'benefication'

- I wasn't suggesting that it was the intention of CAY to misrepresent, rather I was suggesting that many of your statements are promotional but have little basis, in my opinion.

- It is, in my opinion, disingenuous to continue to quote short-term capesize sea freight costs per dry metric tonne ex Guinea when a more realistic  number would be yearly average panamax sea freight cost per wet tonne ex Cameroon. Kribi can only handle panamax size. In addition I believe it is inconsistent of you to promote the need for bauxite in China and then suggest other export markets when the cost of transport to China is pointed out.

Last year, capesize sea freight to China varied from $15 to $24 per wet metric tonne with an average of about $19.

From the CBIX site panamax costs are 3-7% higher than capesize, let's say 5%.

Cameroon is 1,000 nautical miles further from China than Guinea, about 9% further.

If we assume a moisture content of 5%, then the sea freight cost ex-Cameroon to Shandong is:

 $19 per wmt x 1.05 x 1.09 x 1.05 = US$23 per dry metric tonne. The CBIX bauxite value calculator, from which you regularly quote, gives a CFR cost per dry metric tonne. Please ensure you keep the units of measure the same.

A difference of US$6.40 per tonne (23.00 - 16.60) is equal to 4% available alumina at current prices.

Don't forget to input available alumina + the alumina content of the reactive silica and reactive silica into the calculator rather than total alumina and total silica so that you get a true current value for bauxite.

Another thing - do keep in mind that grades can go down from here if subsequent discoveries have a higher grade than cut-off but lower than the average resource grade.

Another other thing - do keep in mind that tonnages can go down here if the cost of operations is such that the cut-off grade has to be raised.

All in my opinion and not promoting the interests of 15% of shareholders in CAY.