Ann: Trading Halt , page-5

Maybe this is why Vince got broomed. Someone had to eat a bullet.

From the Sep '11 Africa down under preso

"Feasibility study underway. Completion Dec 2011. First Production July 2012"

"Targeting initial manganese production of
250ktpa in 2012, expanding rapidly to 500ktpa"

And the slide title "Key Milestones and Timetable"

Anticipated Activity
• First Infill Diamond and RC drilling results - (September 2011)
• Initial Beneficiation test results (September 2011)
• Cost Modelling and Capex Update (September 2011)
• Resource Updates (October 2011 and December 2011)
• Feasibility Study Results (December 2011)
• Trial shipments to potential customers (February 2012)
• Plant Construction (starting March 2012)

Then the following slide has a very pretty Project Plan.


Now what we have is:

"Targeting resource of >20Mt by September 2012"

"Key feasibility study elements continuing during 2012"

And that's it - no mention of production or project plan or anything.

Now something smells!