Ann: Opuwo Project Update and Board Changes, page-219

The one thing that maybe we should all understand, is thatit will take probably 3-4 years to get a mine up and running in the northernremoteness of Namibia!! Has anyone not stopped to consider that if CLA had anexcellent “larger-than-anything-super-deposit-and-easy-to-mine-with-good- met.”then they either would have been able to raise a sizable phased cash loanagainst off-take or have been the target of an attractive TO in spite of thecurrent Co price. By those who would appreciate the time frame required for areturn on investment.

Itcould well be that by the time this deposit is revisited there will be analternative to Co!!!!