Ann: Managing Director's Presentation, page-14

Dealing with Chinese companies usually results in a MOU which is non-binding and amounds to nothing.  Even a binding contract cannot be enforced as it is usual subject the lack of legal remedy.   I have had enough experience in mining in which two MOU and contracts basically evaporated after much fanfare, signings, photo opportunities with the local politburo to know that there is little value in any of it.  Kimberley Metals and more recently Altona Mining had bad dealings with chinese state owned enterprises.  Therefore I don't assign any blue sky until the cash is in the bank.