Ann: RRL: Response to Media Speculation, page-17

The games never end in the market. The price is currently at 9cents with the 11.4cent number having been placed in the market and a unanimous agreement to it announced by the board.

RRL doesn’t go public with a number unless they have run the project through all their checks and measures.

Remember RRL will have to stump up the capital to build the mine so including all of that they think 11.4cents is good value.

I doubt RRL would offer full value even though they could because for them their share price would probably get rerated based on the growth in their production profile alone.

What this means is people can safely start assuming that the project is worth a minimum of 11.4cents or $85 million. This value is well short of its actual value IMO and the actual value doesn’t disappear if the RRL offer doesn’t materialise. Remember on the share market the share price doesn’t represent a company’s real value, it’s just what people are prepared to pay for the company at any one point in time. Esh