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1

First Floor Block G

Rochester Place

173 Rivonia Road

Sandton 2146PO Box 782761

Sandton 2146

Republic of South Africa

Tel +27 11 783 9903

Fax +27 11 783 9953

wwwvenmyncom

Venmyn Rand (Pty) Ltd trading as VenmynReg No 198800491807 Directors A N Clay (British) S E Conquest E de V Greyling C A Telfer

D531R

CONCEPTUAL OPEN PIT MINE DESIGN AND SCHEDULING

ON THE

RIVIERA TUNGSTEN PROSPECT

FOR BONGANI MINERALS (PTY) LIMITED

(BONGANI)

BY

VENMYN RAND (PTY) LIMITED

(VENMYN)

Our Ref D531RFirst Draft 15th Febnruary 2009Final Report



i

Conceptual Mine Design and Scheduling for the Riviera Project in Western Cape Feb 2009


ON THE



BY


Mr Wiaan BassonBongani Minerals (Pty) Ltd88 Du Toitspan RdKimberley8301South Africa

Dear Sirs

EXECUTIVE SUMMARY

Venmyn was requested by the Directors of Bongani Minerals (Bongani) to prepare a conceptual open pitmine design and scheduling scoping study (scoping study) on the Riviera Tungsten Project (Riviera)(Greenfield project) located approximately 150km north of Cape Town in the Western Cape Province SouthAfrica Bongani potentially focuses on the exploitation of tungsten and molybdenum occurring on the RivieraProject area subject to the granting of a mining right This report summarises the results of an open pit minedesign and scheduling study which was undertaken during the period from November 2008 to February2009 The purpose of the study was to determine the technical practicalities of open pit mining and financialmerits on the Riviera property in order to enable Bongani Minerals to make an informed decision on whetherto invest further in developing the project into a mining operation and to establish whether there werereasonable prospects of eventual economic extraction under current commodity prices and macro-economicparameters The Whittle shells shows that the Riviera deposit can be mined profitably using open pit miningas detailed in this report It should be noted that the depth of the mine design and scheduling conducted onthe project is of a pre-feasibility standard however due to lack of precise data in the geological model it wasconsidered to be of conceptual study standard

This deposit has previously been drilled by Anglo American Prospecting Services (AAPS) and the initialresource estimation was based on this historical exploration programme The Riviera project team intends toestablish an open pit mining operation hence the need for a conceptual mine design scoping study of theopen pit potential being investigated in this report

Venmyn estimated an unqualified Minable Inventory for Riviera based on input parameters supplied by theclient and a high level block model in a csv file format used to generate the geological block model as thebasis of the open pit design and scheduling The geological block model showed block grade of Tungstenoxide (WO

3) and excluded other relevant details of Molybdenum (Mo) grade rock types density and any

geological structures useful in determining the geotechnical regimes of the area or deposit An averagespecific gravity (SG) of 26 was used throughout the ore regions and the country waste rock

Pit optimisation using Whittle software was conducted to determine the ultimate pit shell for use in the designof a practical pit and then develop a mine schedule The estimated mineralised block tonnages wascategorised as an Inferred Resource for the purpose of the exercise since no resource classification wasdefined in the geological block model Had the Mo grade been included there is a greater chance of realisingimproved pit economics depending on its grade The main economic and practical pit design parametersapplied included a (WO3) price of US$250 per metric tonne unit (mtu) mining cost of ZARR28 per tonne aprocessing cost of ZAR12250 per tonne and a discount rate of 17 Mo price was not included and noroyalty or selling cost was included in the Whittle run These parameters were later included in the life ofmine (LoM) schedule financials at an annual ore production of 700000 tonnes per annum (tpa) The Riviera

ore is assumed sold as ammonium paratungstate (APT) whereas if sold as a concentrate it will attract afraction of the ATP price The open pit with the highest open pit value from Whittle was used to determine anultimate pit for design purposes




Based on the discussed approach the unqualified Mining Inventory estimate for the Riviera is 1155 milliontonnes (Mt) at an average grade of 031 (WO3) The table below shows a summary of the ore tonnagesincluding the resource classification of the material within the delineated ore boundaries used to estimate theminable inventory Refer to Figure 45 for Riviera ore body with topography

RESERVE CATEGORY RESOURCE CATEGORY ORE (TONNES) WO3 () Mo ()

Proven Measured - - -

Probable Indicated - - -- Inferred 12000000 031 -

TOTAL 12000000 031 -

The reported maximum undiscounted cash flow estimate of R25billion (bn) for the Riviera open pit wasbased on the maximum open pit value coinciding with Whittle optimum pit 10 The NPV is then calculatedusing the conventional discounted cashflow (DCF) the summarised results are shown below This wasbased on the mining schedule and the pushback strategy adopted and is detailed in this report

The mining schedule for Riviera is based on processing 348000 tpa of ore in the second year of operationand increasing to 700000 tpa throughout the LoM A LOM of 17 years is anticipated at the stated miningrate The table below shows the production profile for the first 8years indicating the first year and a halfsolely dedicated to pre stripping 20Mt of waste The full detailed mine schedule is given in section 46

PARAMETER UNITS YR01 YR02 YR03 YR04 YR05 YR06 YR07 YR08

Total mined (W ampO) tonnes 10000000 10348385 14611295 16606736 17752215 18021764 7738944 6009347Waste mined tonnes 10000000 10000000 13911295 15906736 17052215 17321764 7038944 5309347

Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000

Ore Processed tonnes - 348385 700000 700000 700000 700000 700000 700000

ROM feed grade WO3 - 028 029 030 031 031 030 030

The Riviera Project is viable based on the open pit design and the resulting mine schedule was then used tocalculate NPV of ZAR 13bn which does take into account initial capital expenditure and does not includecost escalations commodity prices escalations inflation and selling costs The sensitivity of the projectrsquosNPV to the changes in the discount rate and the commodity prices of the resulting mine schedule isgraphically illustrated in the figure below The figure also illustrates that the project is more sensitive to the

commodity prices than the discount rate One of the constraints on cashflow is the high upfront stripping ofalmost 20 Mt that has to be mined before exposing ore Operationally this can capitalised in order to promotethe project The second cut back has equally high tonnages of waste stripping that have to be mined as soonas the starter cut is exposed for mining It is recommended that the pre strip benches be mined in a doublebenching fashion to increase the waste sink rate Once ore is intercepted it then becomes critical to revertback to a single 5 metre bench in order to improve grade control sink rate

Variation of the NPV with Changes in Discount Rates and Commodity Prices (APT)

-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097983088 983090983089983088 983090983091983088 983090983093983088




In conclusion the Riviera deposit can be exploited profitably using open pit mining methods based on theestimated grade tonnages and the nature of mineralisation Venmyn is of the option that an open pit miningis the best way of exploiting this deposit to maximise the value of the project given the ore bodycharacteristics

The confirmatory and additional bulk sampling exploration programme must be carefully planned before thefinal investment decision is made and should systematically lead the company to the eventual preparation of

a pre-feasibility or feasibility study and the confirmation and classification of SAMREC Code complianttungsten mineral resources




DISCLAIMER AND RISKS

This Conceptual Open Pit Mine Design and Scheduling Report have been prepared by Venmyn Rand (Pty)Ltd (Venmyn) In the preparation of the report Venmyn has utilised information relating to operationalmethods and expectations provided to them by Bongani Minerals Where possible Venmyn has verified thisinformation from independent sources after making due enquiry of all material issues that are required inorder to comply with the SAMREC Code and the JSE Listings Requirements wherever possible Venmynand its directors accept no liability for any losses arising from reliance upon the information presented in this

report

OPERATIONAL RISKS

The business of mining and mineral exploration development and production by their nature containsignificant operational risks The business depends upon amongst other things successful prospectingprogrammes and competent management Profitability and asset values can be affected by unforeseenchanges in operating circumstances and technical issues

POLITICAL AND ECONOMIC RISK

Factors such as political and industrial disruption currency fluctuation and interest rates could have animpact on Riviera future operations and potential revenue streams can also be affected by these factorsThe majority of these factors are and will be beyond the control of Riviera or any other operating entity





ON THE



BY


EXECUTIVE SUMMARY

TABLE OF CONTENTS

1 INTRODUCTION AND NATURE OF THE TRANSACTION 1

2 SCOPE OF THE OPINION 1

3 COMPETENT PERSONSrsquo DECLARATION 3

4 PROJECT GENERAL INFORMATION 3

41 Location and Access 3

42 Topography and Drainage 3

43 New Order Prospecting Rights 3

5 GEOLOGY AND MINERAL RESOURCE ESTIMATES 5

51 Local Geology and Mineralisation 5

52 Mineralisation of the deposit 5

53 Riviera Mineral Resource Estimate 5

6 MINERAL RESERVE ESTIMATION 8

61 Process 8

62 Mining Method 8

63 Pit Optimisation 9

64

Pit Optimisation Parameters 9

65 Pit Optimisation Results 10

66 Cut-off Grade Calculation 12

67 Pit Design and Mineral Reserve Estimate 12

68 Mineral Reserve Estimate (Mineable Inventory) 15

69 Mining Schedule Based on the Optimised Pit 15

610 Mining Equipment Fleet Estimate 17

611 Estimate Labour Operatives 18

7 BASIC FINANCIALS FOR OPEN PIT MINING 19

8 CONCLUSIONS 22

9 REFERENCES 23




LIST OF FIGURES

Figure 1 Regional Setting Location and Infrastructure of the Riviera Project in South Africa 2

Figure 2 Photographic Aerial View and Prospecting Right Boundary for Riviera Tungsten Project Area 4

Figure 3 Grade Tonnage Curve based on the Tungsten Grade 7

Figure 4 Riviera Geological Ore Body Model Lithology with Topography 8

Figure 5 Graph of Pit Optimisation and Cashflow Value for the Riviera Open Pit Operation 11

Figure 6 The Graphical Illustration of the Optimum Pit Shell 10 including Pit Shell 1 11

Figure 7 The Graphical illustration of the Practical Pit Design Starter Pit Shell 13

Figure 8 The Graphical illustration of the Practical Final Pit Shell 13

Figure 9 Plan View of the Final Riviera Project Pit Design 14

Figure 10 A Sectional View of the Pit Design Showing Pit 1 and 2 along the Pit Length 15

Figure 11 Life of Mine Production Schedule on the Riviera Project Open Pit 16

Figure 12 Estimate Waste Handling Equipment Requirements for Riviera Project 17

Figure 13 Estimate Ore Handling Equipment Requirements for Riviera Project 18

Figure 14 Estimated Total Labour Operatives Summary in Ore Handling Only 18

Figure 14 Riviera Project Periodic Discounted Cashflow and Cumulative Discounted Cashflow 19

Figure 15 Variation of the NPV with Changes in Discount Rates and Commodity Prices (APT) 20

LIST OF TABLES

Table 1 Legal Title Information for Riviera Tungsten Project Properties 3

Table 2 Riviera Polygonal Block Global Mineral Resources by Palmer 28th May 1983 (non SAMREC

Compliant) 6

Table 3 Riviera Mineral Resource above 02 WO3 cut-off used in the Open Pit Mine Design 7

Table 4 Mining Open Pit Optimisation Parameters used in the Whittle Models 9

Table 5 Processing Parameters used in the Whittle Models 10

Table 6 Commodity Prices Discount Rate Selling Cost and Royalty 10

Table 7 Comparison of Waste and Ore Tonnages Riviera (pit design versus Whittle shells) 14

Table 8 Riviera Mineral Reserve Estimate at a 02 WO3 Cut-off Grade 15

Table 9 LoM Production Profile A for the Riviera Open Pit 16

Table 10 LoM Production Profile B for the Riviera Open Pit 16

Table 11 LoM Production Profile C for the Riviera Open Pit 16

Table 12 Riviera Project Proposed Loading and Hauling Equipment Fleet 17

Table 13 Valuation Results for the Base Case for the Two Scenarios 19

Table 13 An Extract of the Financial Model Base Case on the Optimised Riviera Open Pit 21

LIST OF APPENDICES

Appendix 1 Competent Persons Certificates 24

Appendix 2 Glossary of Terms and Abbreviations 33





1

1 INTRODUCTION AND NATURE OF THE TRANSACTION

Venmyn was requested by the Directors of Bongani Minerals (Bongani) to prepare a conceptual open pitmine design and scheduling scoping study (scoping study) on the Riviera Tungsten Project (Riviera)(Greenfield project) located approximately 150km north of Cape Town in the Western Cape ProvinceSouth Africa Bongani potentially focuses on the exploitation of tungsten and molybdenum occurring onthe Riviera Project area subject to the granting of a mining right from the Department of Minerals andEnergy (DME) This report summarises the results of an open pit mine design and scheduling study which

was undertaken during the period from November 2008 to February 2009 by Venmyn and its associatesThe purpose of the study was to determine the technical practicalities of open pit mining and financialmerits on the Riviera property in order to enable Bongani Minerals to make an informed decision onwhether to invest further in developing the project into a mining operation and to establish whether therewere reasonable prospects of eventual economic extraction under current commodity prices and macro-economic parameters The Whittle shells shows that the Riviera deposit can be mined profitably usingopen pit mining as detailed in this report

A review of all documented geological mining and metallurgical information was conducted in view ofmarket and technological developments that have taken place since the previous appraisal study of 1983at which time the project was considered marginal and uneconomical To the contrary Venmynconducted a preliminary scoping study on the project in April 2008 with the results showing that theproject was technically and financial viable under the current market economics This study investigates

the open pit mining practicality and the associated project economics

Bongani aims to start producing in late 2011 processing approximately 700000 tonnes of WO3 oxide oreper year The Riviera open pit mine is a Greenfield project that Bongani intends to develop afterpurchasing the mineral asset from AAPS Riviera project is a tungsten molybdenum deposit still in themineral resource definition stage

Venmyn independently constructed a financial model based on the designed open pit and scheduling toevaluate the merits of the proposed open pit The basis of the project was to investigate whether thedeposit had economic potential under the current business conditions using open pit designed with thepotential to develop the prospect into a viable open pit operation

The location of the Riviera Project area is shown in Figure 1 in relation to the Western Cape Province in

South Africa The designed open pit and schedule cases appear to be economically robust even underhigh nominal discount rates and sensitive to the commodity prices The project is worthy developingfurther through a bulk sampling programme followed by the mine development

2 SCOPE OF THE OPINION

Venmyn has prepared this study for indicative purposes for Bongani Minerals to enable them to make aninformed decision regarding the technical mining feasibility of exploiting the Riviera deposit using open pitmining method The mineral resources contained and used in this study are non-SAMREC or JORC codecompliant but have been used as an indication of potential only

In November 2008 Venmyn was asked by Bongani to conduct a pit optimisation using Whittle softwarepractical pit design and a conceptual mine production schedule for the Riviera deposit The result of this

work will be used by Riviera to apply for a mining license for the deposit and extend the study to prefeasibility or feasibility study

In the execution of is mandate Venmyn undertook a comprehensive review of the geological modelprogress reports and historical information on the drilling and exploration work and this formed the inputinto the Whittle open pit shell and subsequently the mine design using Datamine Software

The site visit was undertaken to the target sites by one of the authors of this report

Venmyn could not sign off the estimated minable inventory as an Ore Reserve because of lack ofresource classification within the block model which should be considered under the SAMREC (2007)code in the first place The SAMREC guidelines are considered by Venmyn to be a concise recognition ofthe best practice open pit extraction methods for this type of mineral deposit and accord with the

principles of open and transparent disclosure that are embodied in internationally accepted Codes forCorporate Governance



2


Figure 1 Regional Setting Location and Infrastructure of the Riviera Project in South Africa



3


3 COMPETENT PERSONSrsquo DECLARATION

Venmyn is an independent advisory company Its consultants have extensive experience in preparingcompetent personsrsquo technical advisersrsquo mine design and scheduling and valuation reports for mining andexploration companies Venmynrsquos advisors have collectively more than 100 years of experience in theassessment and evaluation of mining projects and are members in good standing of appropriateprofessional institutions The signatories to this report are qualified to express their professional opinionson the values of the mineral assets described To this end Competent Persons Certificates are presentedin Appendix 1

Neither Venmyn nor its staff have or have had any interest in this project capable of affecting their abilityto give an unbiased opinion and have not and will not receive any pecuniary or other benefits inconnection with this assignment other than normal consulting fees Bongani has warranted in writing thatit has openly provided all material information to Venmyn which to the best of its knowledge andunderstanding is complete accurate and true

4 PROJECT GENERAL INFORMATION

41 Location and Access

The Riviera Project is located some 170km to the north of Cape Town on the Farm 297 andNamaquasfontein 76 (32deg42000S 18deg43000E) far ms at an altitude of about 105m in thePiketberg Magisterial District of the Western Cape Province in the Republic of South Africa (Figure

1) The nearest town is Piketberg which is approximately 53km from the site by road Currently theland use of the area is farming with the production of corn potatoes and portions of the farms areused as vineyards since the area is a significant wine producer

Access from Cape Town to the central portion of the project area is via a national highway (N7) tothe town of Piketberg and then via a tarred road to an intersection with a gravel road north of theproject area The gravel road is in good condition and leads eastwards for approximately 45km tothe project area (Figure 1) Access to the site is by paved gravel road which runs for about 14km tothe R365 tarred road The main rail road north from Cape Town passes within 15km of the site atHet Kruis The export harbour of Saldanha is being used for iron and manganese export by KumbaResources located approximately 80km to the west and is reachable by tarred road or constructionof a 40km rail link to the existing infrastructure The road and rail networks are shown in Figure 1

42 Topography and Drainage

The Riviera Project is situated along the western slopes of the Piketberg range of mountains at analtitude of approximately 105 metres It lies within a valley that generally trends northsouth and isdrained by a perennial stream The area is well drained with streams which flow into the KonAntiones stream in a trellis drainage pattern indicating uniform resistance to water of the ground

43 New Order Prospecting Rights

The mineral title to the properties that were considered in this report were based on the reportcarried out by by Rock Ventures in April 2007 titled ldquoA Review of the Prospecting Rights of theRiviera W-Mo Depositrdquo and the prospecting right granted to Bongani Minerals a subsidiary of BatlaMinerals Venmyn has reviewed the rights and the status of the prospecting rights is in goodstanding The following information relates to the legal title of the properties for the Riviera Project

and are listed below in Table 1 and the boundaries of the portions included in the prospecting rightare outlined in Figure 2

Table 1 Legal Title Information for Riviera Tungsten Project Properties

LICENCEOWNERSHIP

FARM NAMEMINERAL

RIGHTTYPE OFLICENCE

DATE OFISSUE

EXPIRYDATE

LICENCENUMBERS

AREA(Ha)

BonganiMinerals (Pty)Limited

Namaquasfontein 76Ptn 1 amp 2or 6 andPtn 1 of Farm 297

Tungsten andMolybdenum

New OrderProspectingRight

3rd April 2007 2nd April 2009WC305113 2238PR

55521

The holder of the prospecting right must commence with prospecting operations within 120 daysfrom the date on which the prospecting right becomes effective in terms of section 17(5) of theMPRDA or any later date as may upon a written request by the holder be authorised in writing bythe Minister in terms of the Act failing which this right will automatically lapse The holder mustfurnish the Regional Manager with all prospecting results and information as well as the generalevaluation of the geological geophysical and borehole data in respect of an abandoned area in sofar as it applies to the mineral found in respect of the right



4


Figure 2 Photographic Aerial View and Prospecting Right Boundary for Riviera Tungsten Project Area



5


5 GEOLOGY AND MINERAL RESOURCE ESTIMATES

All tungsten deposits are of magmatic or hydrothermal origin During cooling of the magma differentcrystallisation occurs and scheelite and wolframite often occur in veins where magma has penetrated theearthrsquos crust The main factor affecting the location of tungsten deposits is the proximity to orogenic beltsrather than geological age A marked correlation exists between orogenic (younger) mountain belts andhence many of the worldrsquos tungsten mines are found in the RockiesAndes Pyrenees Alps and Hercyian

(Hemerdon) and Caledonian (Carrock) mountain belts

51 Local Geology and Mineralisation

The orebody is restricted to the granite rocks and occasionally the immediate contact area of theMalmesbury rocks The Riviera Interim Report by AAPS reported that several types of ore werepresent in the orebody Potentially economic mineralizations in the granite consist of three ore typesnamely greisen endoskarn and vein ore types and are related to the different overlapping modes ofgenesis proposed for the deposit The geological model utilised for this study did not segregate thedifferent ore types hence modelled as just one ore type In general one type of ore is dominant in aparticular zone but the characteristics of one or more of the other types maybe present as well

The greisen ore has an estimated grade in the order of 005 WO3 to 0015 WO3 and very littlemolybdenite is present The endoskarn ore has a grade ranging from an estimated 025 right up

to more than 2 In general 03 or 045 can be expected The quartz veins have grades of up to10 WO3 and 5 Mo The veins supply the least of the ore tonnage but are very important as asweetener and are chiefly responsible for the nugget effect of assay data These veins are a majorsource of molybdenite whose economical extractability could not be ascertained

52 Mineralisation of the deposit

The tungsten and its molybdenum by-product ore zones occur in the granite and occasionally in thecontact area of the Malmesbury rocks Occasional silver and very low gold values have beenrecorded beyond the granite intrusive This ore zone is flanked by steep angled faults on thewestern and possibly on the northern sides The pluton was shown to be a NW-striking domeshaped interference structure related to the Saldania orogeny

The economic concentrations of scheelite are spatially connected by the cross-cutting of granitoidintrusions which produced wall rock xenoliths of various dimensions The deposit could be looselyclassified as of an endo-granitic skarn The ore bearing veins of the deposit are developed alongthe roof zone of the granite and commonly extend into the wall rocks The Malmesbury Group rocksdo not constitute part of the orebody but a layer of them that is in them forms an envelope aroundthe Riviera Granite pluton The Riviera Granite is associated with tungsten molybdenum zinc leadand copper Silver and very low gold values have been reported in some exploration holesTungsten and molybdenum only appear potentially economic given the current ore zones drilled to-date

Greisen ore occurs in a zone approximately 50m thick immediately below the top contact This typeof ore has an estimated grade range of 005 to 015 WO3 and has the best continuityEndoskarn ore occurs as disseminated scheelite and minor molybdenite associated with pyrrhotite

rich and amorphously shaped bodies with diffusion boundaries with the enclosing granite and ofunknown size The endoskarn ore has an estimated grade ranging from 025 to more than 2WO3 averaging 035 High grades of tungsten are correlated with high concentration of pyrrhotiteSeveral sets of veins occur with the best mineralized ones being the steeply dipping and being05cm to 5cm thick of clear quartz The quartz veins have grades of up to 10 WO 3 and 7 MoThese three types of mineralization maybe present in a single intersection Minor mineralizationalso occurs as exoskarn ore with a few centimeter thick intersections that have poor continuitybetween boreholes

53 Riviera Mineral Resource Estimate

The various historical resource estimates prepared for the Riviera deposit have been calculatedfrom the results of the historical surface diamond drilling and from core samples taken formineralogical analysis and metallurgical processing test work A total of 71 drillholes and a total of17600m of drilling were available from the historical mineral resource estimate the high grade partof this resource was utilised for the open pit mine design and scheduling and formed the basis ofthis scoping study and documented in this report



6


The average grades used in the mineral resource statement were arrived at by various methodsmost of them being manual calculations involving decreasing the grade of single high assaysThese high assays are usually due to the influence of veins running parallel or sub-parallel to thecore The influence of high grade sections introduced some degree of uncertainty in the trueaverage grade of the deposit In the mineral resources estimation the high grade problem washandled by assuming that the ratio of the number ldquohigh grade veinrdquo assays to the total number ofassays bears the same relationship that tonnes of vein ore does to total tonnes of ore Simplearithmetic averages of equal 1m length samples were used to calculate borehole intersectiongrades A global cut-off grade of 010 WO3 was used to calculate the intersections which must

have a minimum thickness of 15m to be included in the mineral resource Polygonal blockestimation was used The area of each block was calculated using a planimeter and multiplied bythe true vertical thickness of the ore intersection to obtain cubic metres and a specific gravity of26tm3 was used to obtain the tonnage Mineral resources have been estimated using standardarithmetic techniques incorporating each individual intersection as an independent sample point

Table 2 Riviera Polygonal Block Global Mineral Resources by Palmer 28th

May 1983 (nonSAMREC Compliant)

BOREHOLEBLOCKAREA

THICKNESS(m)

TONNESGRADE(WO3)

WO3 TONNES

MoGRADE(ppm)

Mo (kg)

REV 23 844300 18 39513200 026 102734 260 10273400

REV 24 691600 17 30568700 01 30569 290 8864900

REV 27 876600 17 38745700 029 112363 150 5811900

REV 29 1519700 13 51365900 028 143824 612 31435900REV 33 794400 34 70225000 013 91292 70 4915800

REV 37 1383200 23 82715400 029 239875 85 7030800

REV 38 1114500 17 49260900 033 162561 700 34482600

REV 39 1910300 63 312907100 018 563233 200 62581400

REV 40 1205500 36 112834800 028 315937 310 34978800

REV 46 2036600 16 84722600 013 110139 70 5930600

REV 48 1671000 64 278054400 028 778552 320 88977400

REV 53 1820700 23 108877900 019 206868 135 14698500

REV 56 2273000 18 106376400 013 138289 40 4255100

REV 58 2367000 51 313864200 029 910206 450 141238900

A0 2196600 44 251291000 016 402066 80 20103300

A+100 1372900 35 124933900 025 312335 225 28110100

C0 2140800 63 350663000 015 525995 160 56129400

D+100 1756100 65 296780900 02 593562 100 29678100

E0 2581300 25 167784500 015 251677 80 13427800

AA+200 1198200 14 43614500 02 87229 135 5888000

A+400 1277500 31 99006300 027 267317 300 29701900

AA+400 1277500 42 139503000 039 544062 256 35712800

BB+200 1811900 22 103640700 017 176189 110 11400500

BB+300 839900 16 34939800 014 48916 67 2341000

BB+400 700400 43 78304700 026 203592 240 18793100

BB+500 1860400 53 256363100 023 589635 443 113568900

BBCC+350 386200 27 27111200 02 54222 163 4419100

CC+200 1788400 33 153444700 045 690501 10 0

CC+400 1174700 17 51921700 035 181726 140 7269000

DD+200 1900800 16 76032000 016 121651 23 1748700

DD+600 3140800 33 269480600 02 538961 188 50662400FF+400 3250900 20 169046800 012 202856 88 14876100

FF+600 3706100 15 144537900 016 231261 118 17055500

FF+800 4559200 17 201516600 017 342578 33 6650000

TOTAL 59429000 3062 4719949100 02176 10272773 665100 923011700

The global mineral resource of the Riviera tungsten deposits were initially reported at 47Mt in March1983 at an average grade of 0216 WO3 and 0020 Mo (Table 2)

Grades were estimated into a Datamine block model (BMMPLdm) with a block size of 25 mN by 25mE by 5 mRL using ordinary kriging Areas drilled at spacing less than the ranges of continuity wereclassified into the Indicated category and areas drilled at spacing greater than the ranges ofcontinuity into the Inferred category In this case the whole deposit was considered as an inferredcategory even though in the previous Venmyn report the resource could not be classified to lack ofauditable historical exploration data The Mineral Resource for Riviera is reported in accordancewith the guidelines of the SAMREC (2007) code and above a total WO3 cut-off grade of 02 Theconfidence in Mo assays was low and this element was therefore not included in the resourcestatement



7


Table 3 Riviera Mineral Resource above 02 WO3 cut-off used in the Open Pit Mine Design

RESOURCE CATEGORYMILLION TONNES(Mt)

DENSITY(tm

3)

WO3

()Mo()

WO3(mtu)

Mo(mtu)

Measured - - - - - -Indicated - - - - - -Inferred 12 260 031 - 31567 -

Notes1 All tabulated data has been rounded to zero decimal place for tonnage and metric tonne unit and two decimal

places for grades and density2 Although 02 WO3 is considered a likely cut-off grade for this deposit based on comparisons to other similar

deposit types it has not been confirmed by the appropriate economic studies

The resource grade tonnage curve for Riviera project is shown in Figure 3 depicting the oretonnage at various cut-off grades For a WO3 cut-off grade of 0294 there is approximately 10 Mtof mineralisation at an average grade of 0325

Figure 3 Grade Tonnage Curve based on the Tungsten Grade

028

029

030

031

032

033

034

035

036

037

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

1

Avgradeabovecutoff(WO3)

Tonnesabovecut-of

Cut-off grade ( WO3 )

Tonnes above cut-of f WO3 Average grade WO3

The ore body model of Riviera has three main zones as described in the geology section of thisreport Metallurgically these different rock types will be treated the same way at the processingplant Figure 4 shows a diagrammatic presentation of the ore body with lithology model showing therelationship to the existing Riviera topography



8


Figure 4 Riviera Geological Ore Body Model Lithology with Topography

6 MINERAL RESERVE ESTIMATION

61 Process

This part of the conceptual open pit mine design and scheduling study describes in detail themethods used and reporting of the results used to derive a Mineral Reserve estimate Venmyn has

completed the work required to estimate an unqualified minable resource inventory for RivieraTungsten Project The end product is assumed to be sold as ATP WO 3 at a price of US$250 permtu If sold as Tungsten concentrate only a fraction of the ATP price will be realised Theremainder of this report describes the methods used and the results of the estimation of thepotential mineral reserve

The mineral reserve was estimated in the following way-

bull analysing the mineral resource block model

bull selecting the appropriate mining method for the deposit

bull completing whittle optimisation on the deposit and selecting an optimum pit shell

bull

preparing a detailed mine plan consistent with the ultimate pit outlinebull reporting of material above a cut-off grade within this pit and

bull conceptual schedule of mining waste and ore throughout the life of mine

The Mineral Resource used to prepare the mine plan and potential Mineral Reserve estimate wasobtained from Wiaan Basson as CSV file which was used to generate the resource block model inSurpac The Mineral Resource estimate is represented by a three dimensional geological blockmodel (Figure 4) without any wireframes representing different rock types of mineralisation

62 Mining Method

The Riviera deposit is a Greenfield project currently in resource definition stage through a bulksampling programme and intends to adopt open pit mining method using conventional truck and

shovel to extract the deposit This mining method has been adopted for the exercise although thereis limited possibility to mine this deposit using underground mining methods The undergroundmining methods will be highly inappropriate for this deposit due to the following factors-



9


bull the deposit is known to extend to a depth of -115mRL (over 225 m below surface)with the first ore at approximately 60m below surface which is considered tooshallow for underground mining

bull underground mining methods will significantly limit the ore extraction factors dueto rock mechanics and ground control in the mining stopes rendering the depositunviable to extract and

bull the overall shape of the mineralisation and thickness of the deposit adds on thecomplexity of extracting the deposit using underground mining methods makingthis deposit highly unlikely to mined using underground mining

Bongani considered ore production rates of 348000t in the second year and 700000t in the thirdyear and throughout for the determination of LoM This study assumes production material will bedelivered to a concentrator within the area and processed to ATP Any requirements for feedblending will be managed by short term in pit scheduling and Run of mine (RoM) draw downstrategies There is no requirement for any other significant mining stockpiling or feed blendingactivity or dump designs at this stage

A one-day site visit was conducted by Venmyn on 11th February 2009 The title to this deposit is

held by Bongani Minerals On the mining phase Bongani can opt to either engage contractor miningor establish an owner operated mine using their own fleet A recommended approach is engagingcontract mining to limit the amount of capital outlay if as compared to owner operated The waste

dumps location will still need to be designed in the second phase of work The final pit depth will beapproximately 200m at an approximate level of -110mRL The ore is mined from the pit andtransported directly to the processing plant which will be constructed close to the pit

63 Pit Optimisation

Bonganirsquos re-coded geological block model that included waste ore zone tonnages with resourcecategories were imported into Whittle The original tonnages from Datamine were compared to theWhittle report to confirm the transfers were successful

The ultimate pit outline was derived using Whittle 4X Milling was selected as the primaryprocessing method for application in the optimisation

64 Pit Optimisation ParametersPit Slope AnglesVenymn used high level estimates of an overall slope angle of 40degrees for the optimisationexercise This angle was then reduced by 1 degree to 2 degrees to allow for the inclusion of rampsand catch berms resulting in a final slope angle of 39 degrees applied in Whittle for pit optimisationDetailed geotechnical work still needs to be done to come up with a geotechnical report on Rivierathat will be used in further studies

Mining ParametersA summary of the mining parameters used in the optimisation are shown in Table 4 Mining costs at110RL were supplied by a reputable open cast mining contractor based on high level operating costestimates of similar projects It has been assumed that the waste and ore material will have thesame mining cost of ZAR2800 per tonne at surface (RL of 110 and above) with additional cost forore haulage applied to processing costs There was no mining cost increases applied for every 5mof increasing depth Mining dilution of 5 and a mining recovery of 95 were used which Venmynagrees are appropriate parameters for this style of mining operation

Table 4 Mining Open Pit Optimisation Parameters used in the Whittle Models

PARAMETER UNIT VALUE SOURCE

Mining cost ZARt 2800 Venmyn Scoping Study (ore and waste)

General and Admin ZARt Included Venmyn Scoping Study

Mining dilution 5 Estimate from similar projects

Mining recovery 95 Estimate from similar projects

Tungsten Processing Costs and RecoveriesAny ore material transport cost to the plant was included in the processing cost for use in theoptimisation The processing parameters for costs including general and administrative (G amp A) andrecoveries supplied by consultants are shown in the Table 5 The WO3 recoveries in Table 5express the total WO3 expected to be recovered from the ore given the planned feed



10


All the ore is assumed to be hosted in one rock type A production rate of 700000 tpa of oreprocessed was applied in the study

Table 5 Processing Parameters used in the Whittle Models


Processing cost Rt ore 12000 Eurus Mineral Consultants

Environmental Rehab of slimes Rt ore 100 Venmyn Scoping Study

Extra Ore mining cost Rt ore 150 Venmyn Scoping Study

Total Processing Cost Rt ore 12250 Eurus Mineral ConsultantsGeneral and Admin Rt ore 000 Venmyn Scoping Study

Ore process recovery WO3 86 Eurus Mineral Consultants

Production rate tyr 700000 Riviera

Commodity Prices Exchange Rate Discount Rate and RoyaltyVarious estimates were advised the following metal prices Tungsten ATP price adjustmentdiscount rate and royalty for the pit optimisation as shown in Table 6 The metal ATP price was notadjusted to incorporate the fact that the metal might be sold as a concentrate hence will only attracta percentage of the metal value Neither selling cost nor royalty was included in the optimisationThe optimisation work was completed in ZAR dollars with an exchange rate conversion of ZAR10per US$100 on the metal ATP price

Table 6 Commodity Prices Discount Rate Selling Cost and Royalty

PARAMETERMETAL CONVERSION

METAL TO CONC

CONCENTRATESOURCE

UNIT VALUE UNIT VALUE

Discount rate 17 none Venmyn

Tungsten price ZARmtu 2500 ATP Price ZARt none Venmyn Estimate

Transport cost ZARmtu 000 not included ZARt none

Royalty 3 not included in Whittle none

It should be noted no cost or revenue escalation were used in the Whittle runs thereby disregardingthe effect of inflation and hence the inflation factor of 8 was deducted from the discount rate Withthe uncertainty in the market in general and in forecasting commodity prices Venmyn decided to

analyses the project without these effects

65 Pit Optimisation Results

The open pit optimisation for Riviera Project at a 020 WO 3 cut-off grade resulted in an optimumpit shell 10 with the following results-

Ore mined and processed 11515 Mt

Waste 94674 Mt

Strip ratio 822

Mine life approximately 16 years (at 07Mt of ore per annum)

Un-discounted cashflow or open pit value ZAR2510billion

All the Inferred Resource material within the pit of 11515 Mt is treated as ore hence entirelyincluded in the pit optimisation and the low 40 degree slope angle which attracts more waste Theoutputs from the optimisation are shown in Figure 5 with the optimum pit shell being 10 Fordetailed tabulated Whittle shell results refer to Appendix 2 The chart shows that each optimum pitshell has had the base case revenue parameters applied to produce the value curve The Whittleoutput shows a dropping discounted cashflow curve indicating that successive larger pits expand ina lateral extent as well as at depth causing substantial increases in waste mined to produce moreore This results in substantial decreases in discounted cashflow as larger pits are mined A viewof the Whittle optimum pit wireframe looking towards the north is shown in Figure 6



11


Figure 5 Graph of Pit Optimisation and Cashflow Value for the Riviera Open Pit Operation

Whittle run Optimisation Scenario - 02 WO3 cut off

0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19Pit Number

M a t e r i a l M o v e m e n t s ( m i l l i o n t o n n e s )

-1000

-500

0

500

1000

1500

2000

2500

3000

M i l l i o n s

C a s h f l o w ( Z A R )

Mill Tonnes Waste Tonnes Undiscounted Cashflow

Discounted Cashflow Best Discounted Cashflow Worst Discounted at 75 Cashflow

Pit

selected

10

The Whittle optimisation process selects a combination of resource blocks that can be exposed todeliver the greatest NPV in an open pit mine for a given set of design operating and economicassumptions The resultant pit shell represents the optimum pit shell based on the criteria usedThis optimum pit shell is then used as a basis for preparing the detailed mine plan with the optimumpit The selected optimum pit shell 10 is shown in Figure 6

The pit shell selected is shell 10 of the optimisation sequence which contains 94674Mt of wasteand 11515 Mt of ore grading at 030 WO3 with an overall striping ratio of 822 A 5 dilution

factor and 95 mining recovery factor was applied to the Whittle inputs on the resource model

Figure 6 The Graphical Illustration of the Optimum Pit Shell 10 including Pit Shell 1



12


66 Cut-off Grade Calculation

A cut-off grade value is required for Riviera Project pit design work to determine the material thatcan be processed economically Material mined from the designed optimum pit has the samemining cost for ore and waste as the haul distances are assumed to be similar The extra haulingdistance of the ore material to the plant is treated as an additional processing cost The economiccut-off value is calculated by estimating the total downstream cost after mining that the metalcontent in the material must meet

The WO3 price used to calculate the value of the material is assumed to be the same as that usedin the pit optimisation which is US$250MTu The cut-off grade can be calculated as follows-

Element cut-off grade = (Dilution x Processing cost)

Recovery x (Price - Selling Cost)

WO3 cut-off grade = 0065

No Mo grade is optimised within the block model hence no practical cut-off grade for Mo wasestimated

67 Pit Design and Mineral Reserve Estimate

Pit designs were prepared using Datamine software based on the Whittle optimum pit shell 10 forRiviera re-coded resource model including additional waste material around the ore mining costsand processing cost adjustment factors A specific gravity (SG) of 26 supplied by Riviera wasapplied to all additional waste blocks Topographical contours updated with the existing pitexcavation were supplied by Riviera

General Design MethodThe design process was based on viewing the Whittle shell in horizontal planes at incrementscommon with mining benches spaced at intervals determined by mere bench heights in the modeland very little geotechnical guidelines Floor outlines were digitised at the lowest mining depth at aminimum practical mining width LoM pit ramps were simulated to find the best starting point on thelowest pit floor Benches and associated ramps were then designed progressively from the bottomup from toe to crest and bench to bench using the following parameters-

bull Geotechnical pit wall slopes of 40 degrees and berm width of 40 m as estimated

by Venmyn for all rock types

bull minimum mining width of 15 m to 20 m to incorporate the mining fleet (CAT785Cand CAT777)

bull haul ramps design at 1 in 10 gradient

bull double lane ramp of 20 m width to accommodate a CAT 785C 136 tonne trucksclearance either side with a bund axle height of 06 m

bull ramp outside turning radius of 20 m or greater in accordance with CATrecommendations

bull final inventory of pit within an acceptably low variance of inventory of the optimalWhittle pit shell 10

bull pit exit was designed to coincide closely to the surface low pit exit ramp locationand

bull groundwater inflows were not considered since water management consultantsrequired no specific provisions within the detail design apart from the pit boundaryto help them locate permanent dewatering borehole around the pit edges

Pit Wall AnglesVenmyn preliminary slope design recommendation of overall wall angle of 40 degrees was adoptedfor the exercise The inter ramp pit slopes (excluding ramps) are measured in terms of slope anglefrom bench crest to crest and are

bull 40 degrees for All Rock type zone (fresh and weathered)

These angles are derived with reference to final pit bench and berm dimensions and are identicalfor both ore and waste zones due to limited geotechnical work on the Riviera pit No geotechnicalreport for Riviera is available-

bull bench height is 5 m



13


bull berm width is 6 m and

bull batter or face angle is 90 degrees

Special design considerations were made for the design of narrow sections at the base of the openpit The following method were used to access as much mineralised material at the base of the pitwithout widening the overall base design and incurring excessive waste material

bull ramping down to ore for the final benches and alternative temporary ramps withinpit stages and

bull retreating by taking a final cut (good-bye cut) with an excavator with dimensions 5m deep and 15 m or greater mining width

Pit design for RivieraA practical pit design based on the above parameters was generated showing the final pit designDetailed short term design will be done based on the stages used to exploit the reserve Thedetailed pit design for the starter pit is shown in Figure 7 and the final pit pushback 1 is showncombined in Figure 8

Figure 7 The Graphical illustration of the Practical Pit Design Starter Pit Shell

Figure 8 The Graphical illustration of the Practical Final Pit Shell



14


A pit plan view of the final pit not to scale is shown in Figure 9 The final pit average pit width forstarter pit and pushback 1 is approximately 750 m and 460 m respectively

Figure 9 Plan View of the Final Riviera Project Pit Design

A comparison of pit design and the Whittle optimum shell is shown in Table 45 The variance in thedesign and Whittle boundaries is within 5 which is considered to be acceptable

Table 7 Comparison of Waste and Ore Tonnages Riviera (pit design versus Whittle shells)

DESCRIPTION SHELLORE

(TONNES)WASTE

(TONNES)ROCK

(TONNES)

Whittle Optimisation Pit shell 10 11515139 94674061 106189200

Datamine Pit Design Practical Pit design 10860167 102258636 113118803

Variance -654972 7584575 6929603

Variance () -569 801 653

A sectional view of the Riviera pit design is shown in Figure 10 The colours show grade distributionof the deposit at a particular section line along the length of the pit The high grade tungsten oxide

is mainly located close to the designed starter pit bottom



15


Figure 10 A Sectional View of the Pit Design Showing Pit 1 and 2 along the Pit Length

68 Mineral Reserve Estimate (Mineable Inventory)

Based on the applied modifying factors and the pit design outline the available Minable Inventoryfor Riviera is 10860 Mt of ore at an average grade of 030 WO 3 ie including dilution and miningrecovery All of the ore resource blocks come from an Inferred Resource category hence thereserve classification of this resource can only be a Minable Inventory as summarised in Table 8

Table 8 Riviera Mineral Reserve Estimate at a 02 WO3 Cut-off Grade

RESERVECATEGORY

4XCODE RESOURCECATEGORY

ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -


Probable Indicated - - -

- Inferred 10860167 030 -

Total 10860167 030 -

Probable ROCK03 - - -

Probable ROCK02 - - -Minable Inventory ROCK01 10860167 030 -

TOTAL 10860167 030 -

69 Mining Schedule Based on the Optimised Pit

The final pit design was divided into two stages pit shell 1 and pit shell 10 according to requiredannual ore tonnage from Whittle A practical bench by bench production schedule was then createdon a yearly basis The stripping ratio varies from the highest in the first one and half years due tothe pre stripping and nature of the deposit to an average of 82 There is room to adjust productionas the stripping ratio of the pit dictates Molybdenum grade is not reported in the productionschedule because it has been omitted in the grade model estimation process The Riviera depositcan sustain an ore production profile of 700000 tpa throughout the LoM but with varying waste

stripping tonnages as shown in Figure 11



16


Figure 11 Life of Mine Production Schedule on the Riviera Project Open Pit

RIVIERA LOM PRODUCTION SCHEDULE

-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

Yr01 Yr02 Yr03 Yr04 Yr05 Yr06 Yr07 Yr08 Yr09 Yr10 Yr11 Yr12 Yr13 Yr14 Yr15 Yr16 Yr17 Yr18

M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e

WO3_tons_mined_X-Pit CUT 1 WTON CUT 2 WTON WO3_grade_mined_X-Pit

The graph above shows the life of mine production profile and Tungsten Oxide grade The wastestripping as been differentiated from starter cut waste which is labelled CUT 1 WTON on the legendand the first pushback labelled CUT 2 WTON The starter cut has about 34Mt of ore andapproximately 20Mt of waste Mining the starter cut only will result in a short life of mine of less than5 years hence the reason for considering cut 2 as well in order to extend the life of mine to justover 17 years Details of the annual production profile are shown in the following list figures dividedinto 8 year periods

bull LOM production profile A for the first 8years

bull LOM production profile B from year 8 to year 16 and

bull LOM production profile C for year 17 and 18

Table 9 LoM Production Profile A for the Riviera Open Pit


Total mined tonnes 10000000 10348385 14611295 16606736 17752215 18021764 7738944 6009347

Waste mined tonnes 10000000 10000000 13911295 15906736 17052215 17321764 7038944 5309347

Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030

Table 10 LoM Production Profile B for the Riviera Open Pit




Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000

Ore Processed tonnes 700000 700000 700000 700000 700000 700000 700000 700000

ROM feed grade WO3 029 029 029 029 028 028 029 029

Table 11 LoM Production Profile C for the Riviera Open Pit

PARAMETER UNITS YR17 YR18 YR19 YR20 YR21 YR22 YR23 TOTAL

Total mined tonnes 751524 12373 - - - - - 113118803

Waste mined tonnes 51524 591 - - - - - 102258636Ore mined tonnes 700000 11782 - - - - - 10860167

-

Ore Processed tonnes 700000 11782 - - - - - 10860167

ROM feed grade WO3 029 029 - - - - - 029



17


610 Mining Equipment Fleet Estimate

Mining at a production rate of 700000t of ore per year can be attained using a hauling and loadingfleet selected as in Table 12 It is recommended that the pre stripping of waste can be done using adouble benching fashion ie mining at 10m benches whilst sinking the waste and revert back to 5mbench when mining the ore in order to have a good handle on grade control

Ore from Riviera can be sent to Processing plant an estimated distance of 15 km using 909 tonne

off highway CAT 777 and CAT992 wheel loaders with a bucket capacity of 12 m3

The waste canbe moved by Terex RH 200 loaders with a bucket size of 26 m

3 bucket versus CAT 785C Ancillary

equipment estimates have not been evaluated and these include graders water bowsers chain andwheel dozers drills explosive trucks and supervisory vehicles such as light diesel vehicles (LDVrsquos)bakkies

Table 12 Riviera Project Proposed Loading and Hauling Equipment Fleet

EQUIPMENT MATERIAL FLEET MAKE CAPACITY COMMENTS

Loader waste 2 to 3 x RH 200 26 msup3 Hydraulic excavator

Loader ore 1 to 2 x CAT992 123 msup3 Hydraulic excavator

Trucks waste hauling 7 to 16 x CAT 785C 136 t Off-highway truck

Trucks ore hauling 2 x CAT 777 909 t Off-highway truck

The equipment requirements for each period are based on a continuous (contops) shiftarrangement as shown in the Figure 12 below From year one a total of 7 x CAT785C trucks areneeded to move 10Mt of waste using two RH 200 hydraulic shovels

Figure 12 Estimate Waste Handling Equipment Requirements for Riviera Project

WASTE EQUIPMENT REQUIREMENTS

2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p

Waste Loading_RH200 Waste Hauling_ CAT785C

The equipment requirements for each period are based on a continuous (contops) shiftarrangement as shown in the Figure 13 below From year one a total of 2 x CAT77 trucks areneeded to move 07Mt of ore using one CAT 992 Loader with bucket capacity of 12m

3



18


Figure 13 Estimate Ore Handling Equipment Requirements for Riviera Project

ORE EQUIPMENT REQUIREMENTS

0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p

Ore Loading_CAT992 Ore Hauling_CAT777

611 Estimate Labour Operatives

The estimate labour operative is based on contops shift arrangement where there are a total of 4shifts at any one time In addition to the exact compliment required a float on both Loaderoperatives and hauler operatives applied is 29 and 15 respectively The loader operatives havea higher float of 29 because of their criticality to the operation The term float means additionalrelief or spare operators that should be available

Figure 14 shows the total number of main labour operatives for loading and hauling Ancillaryequipment operators for example dozers graders water bowsers etc can be estimated as

percentage of the total labour operatives estimate A rule of thumb applied ranges from 40 to 50of the total labour operatives Therefore the indicated totals need to be inflated by such a actor

Figure 14 Estimated Total Labour Operatives Summary in Ore Handling Only

-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators

TOTAL LOADER OPERATIVES TOTAL HAULER OPERATIVES



19


7 BASIC FINANCIALS FOR OPEN PIT MINING

Figure 15 shows the financial viability of the open pit Please note that the cash flow shown in the graphdoes not include any capital or cost escalation The payback period is quite long because of the upfrontpre stripping for two years Another option that can be considered is increasing the ore treated to say 1Mt15Mt and evaluate the cashflows that will be generated from these scenarios

The summary DCF valuation results are presented in Table 13

Table 13 Valuation Results for the Base Case for the Two Scenarios

VALUATION RESULTS DESIGNED AND OPTIMISED OPEN PIT RESULTS

NPV (ZARm) 138645

Discount Rate () (Constant Money Terms) 17

Payback Period (Years) 113

Figure 15 Riviera Project Periodic Discounted Cashflow and Cumulative Discounted Cashflow

(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative

The Riviera Project is viable based on the open pit design and the resulting mine schedule was then usedto calculate NPV of ZAR 13bn which does take into account initial capital expenditure and does not

include cost escalations commodity prices escalations inflation and selling costs The sensitivity of theprojectrsquos NPV to the changes in the discount rate and the commodity prices of the resulting mineschedule is graphically illustrated in the Figure 16 below The figure also illustrates that the project ismore sensitive to the commodity prices than the discount rate One of the constraints on cashflow is thehigh upfront stripping of almost 20Mt that has to be mined before exposing ore Operationally this cancapitalised in order to promote the project The second cut back has equally high tonnages of wastestripping that have to be mined as soon as the starter cut is exposed for mining It is recommended thatthe pre strip benches be mined in a double benching fashion to increase the waste sink rate Once ore isintercepted it then becomes critical to revert back to a single 5m bench in order to improve grade controlsink rate



20


Figure 16 Variation of the NPV with Changes in Discount Rates and Commodity Prices (APT)

-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088

The final mining layout is graphical illustrated in Figure 17

Figure 17 The Estimated Position of the Open pit in relation to the Prospecting Right Area





Preliminary Scoping Study for the Riviera Tungsten Project in Western Cape March 2008

8 CONCLUSIONS

An unqualified Minable Inventory was estimated by Venmyn to be 108 Mt at an average grade of 030 WO3This reserve estimate was calculated based on a 02 WO3 cut-off grade A detailed geotechnical study forRiviera still needs to be done for use in further studies

It should be noted that the depth of the mine design and scheduling conducted on the project is of a pre-feasibility standard however due to lack of precise data in the geological model it was considered to be ofconceptual study standard

The saleable product is assumed to be ATP not an intermediate Tungsten concentrate Inclusion of Mo in theoptimisation process might further improve the economics of the Riviera open pit project Since there is asignificant amount of pre stripping to be done prior to exposing ore it is recommended that the operating ormining bench height be increased to 10m in the first one and a half years until ore is exposed The approachwill assist in increasing the waste sink rate Once ore is exposed the mining height can be reduced to 5m inorder to have a good handle on grade control

The Riviera tungsten project is a viable open pit operation based on evaluations carried out Further studiesneed to be done when a detailed block model has been developed with all the major elements like Mo alsoincluded different rock types modelled together with the associated SGrsquos Any faults and direction of slipplanes also need to be evaluated to assist in deriving slope angles of various domains within the pit Based onthe supplied block model and geotechnical parameters applied the results of this study can best be classifiedat scoping level of accuracy

Summary of the key success factors for the Riviera Tungsten Project given that the tungsten is not openlytraded would include the following-

bull Typically low tungsten grade deposits tend to be marginal under low commodity pricesand very sensitive to prices It would important that before a decision to develop theoperation an off-take agreement should be in place This will enable the project ownersto easily access project finance and guarantee success of the project

bull It was concluded that contract mining will be the better alternative in terms of operatingand capital costs and

bull Further exploration drilling to firstly confirm the drilling results carried out by UnionCarbide and Anglo American Prospecting Services and then delineate SAMRECcompliant mineral resources and increase geological confidence in both grade andtonnages

Given the lack of available drill core from previous drilling campaigns it is recommended that severalconfirmation holes be drilled on the Riviera deposit Given the extreme nugget effect of at least the tungstenmineralization it is recommended that large diameter (NQ or HQ) drill core be utilized Special attention shouldbe paid to geological logging and sampling of the core so that individual vein systems can be identifieddocumented measured and assayed The entire vein system(s) should be sampled across its entirety and not just the mineralized quartz vein material

Yours faithfully

G NJOWAMSc (Min Eng) BSc (Min Eng) Grad CISMSAIMM Cand EngMINERAL PROJECT ANALYST

ANCLAYMSc (Geol) MSc (Min Eng) Dip Bus MPr Sci Nat MSAIMM FAusIMM FGSSA MAIMAMInstD AAPG MCIMMPMANAGING DIRECTOR

MHAYBSc Hons (Met) MSc (Min Pro)Pr EngVENMYN ASSOCIATE

T CHIKOSHAB Sc Hons (Min Eng)MINERAL PROJECT ANALYST




9 REFERENCES

AUTHOR TITLE

Brewster NE 1981 Summary of the Work Program 198081 on the Burnt Hill Project for Canadian International Paper LimitedACA Howe International Limited Report No 432

Howe ACA 1974a Summary Report on Burnt Hill Tungsten and Metallurgical Limited York County New Brunswick for CanadianInternational Paper ACA Howe International Limited report No 362

Howe ACA 1974b Summary Report Evaluation by Means of Underground Exploration and Development on the Burnt HillTungsten and Metallurgical Limited York County New Brunswick for Canadian International Paper ACAHowe International Limited Report No 363

BA Kennedy 1990 SMME 1990 Surface Mining Handbook 2nd Edition

Caterpillar Caterpillar Handbook 36th Edition

Goodall Business andResourceManagement Pty Ltd

A preliminary market review of tungsten January 2008

R G Woolery March16th 1981

Metallurgical Evaluation ndash Riviera Project Union Carbide Exploration Corporation Southern Africa

McIntosh Engineering Hard Rock Miners Handbook Rules of Thumb

A BT Merner WDSinclair amp A B Amey

International Strategic Mineral Issues Summary Report-Tungsten US Geological Survey Circular 930-0

W A Basson Review of the Prospecting Rights of the Riviera W-Mo Deposit

SAIMM Mineral Resources Management Colloquium 2007 held at the South African National Museum of Militaryhistory by South African Institute of Mining and Metallurgy

SAMREC Code The SAMREC code (2000) prepared by the South African Mineral Resource Committee under the auspices ofthe South African Institute of Mining and Metallurgy

Websites httpwwwmetalseconomicscomcatalogpagesWorldwide20Exploration20Budgets20-20Targets20and20Stages20of20Developmentpdf

StrataGold Corporation httpstratagoldcosMar-Tungstenasp




Appendix 1 Competent Persons Certificates

Name of Firm Venmyn Rand (Pty) Limited

Name of Staff Mr Andrew Clay

Company Responsibility Managing Director

Profession Geologist

Date of Birth 16th April 1955

Years with FirmEntity 19 years

Nationality British

Membership in Professional Societies

CLASS PROFESSIONAL SOCIETYYEAR OF

REGISTRATIONMember Canadian Institute of Mining Metallurgy and Petroleum 2006Advisor JSE Limited Listings Advisory Committee 2005Associate Member American Association of Petroleum Geologists 2005Member South African Institute of Directors 2004Fellow Geological Society of South Africa 2003Member American Institute of Mineral Appraisers 2002Member South African Institute of Mining and Metallurgy 1998Fellow Australasian Institute of Mining and Metallurgy 1994Member Natural Scientist Institute of South Africa 1988Member Investment Analysts Society of South Africa 1990

Involvement in Code WritingPOSITION PROFESSIONAL CODE DATE OF INVOLVEMENT

Advisor JSE Listing Requirements (Section 12) 1990 ndash presentAdvisory Committee Member JSE Limited 2005-presentWorking Group Member SAMREC Code (First Version) 1996 - 2001Working Group Member SAMREC Code (Re-write) 2003 - presentChairman SAMREC Code (Re-write Sections 1 ndash 5) 2005 - presentWorking Group Member SAMVAL Code 2001 ndash presentWorking Group Member SAMREC Code (Oil amp Gas) 2005 - presentAdvisor JSE Listing Requirements (Section 3 On-going obligations) 2002 - presentInitiator amp Panel Member SAMREC IAS Award 2002 - presentMember South African (SAICA) extractive industries deliberations 2003 - presentChairman Venmyn Advisory Checklist 2000 - present

Mr Clay currently has a special interest in incorporating oil and gas reporting procedures into thegeneral application of mineral asset valuation

Detailed Tasks AssignedYEAR CLIENT COMMODITY PROJECT DESCRIPTION

2007 Crushco Industrial Minerals Independent valuation

2007 Kimberley Consolidated Mining Diamonds Independent valuation

2007 LionOre Mining Nickel PGEs Technical and economic valuation

2007 PBS Group PGEs Project review

2007 Western Areas Au Independent valuation

2007 Harmony Gold Mining Au Uranium Independent scoping and valuation

2007 Great Basin Gold Au Independent valuation for BEE transaction

2007 BRCDiamondcore Resources Diamonds Valuation and Opinion provider

2007 Urals InvestorsDiamonds Au PGEs andOil and Gas

Independent Transaction Report

2007 Energem Diamonds Indepndent Technical Statement for Koidu

2007 Xstrata Cr Independent CGT and Valuation advice

2007 PWC Magnetite Mine Review VIndependent Mineral Resource Review and Valuation for

apportionment calculations2007 Magnum Resources Ta Independent Mineral Resource Review

2007 Gaanahoek Coal Deposit Coal Prospectivity Review




2005 Letseng Diamonds Independent Competent Personrsquos Report for disposal

2005 Zimplats Tenements Platinum Group Metals Independent Competent Personrsquos Report for disposal

2005 DRD Gold Fair amp Reasonable

2005 ARM Madikwa Platinum Group Metals Independent Valuation for Impairment Calculation

2005 Harmony Competitions Tribunal Gold Independent Expert Witness

2005 Ecca Holdings Bentonite Independent Industry Review2005 Gallery Gold Gold Independent Competent Personrsquos Report for disposal

2005 Stuart Coal Coal Independent Competent Personrsquos Report for disposal

2005 Elementis Chrome Chrome Independent Industry Review

2005 Diamond Core Diamonds Independent Competent Personrsquos Report

2005 Diamond Core Diamonds Fair amp Reasonable Statement

2005 Kensington Resources Diamonds Independent Inspection amp Certification of Laboratory

2005 Bayer Valuation ChromeIndependent Valuation for Economic EmpowermentTransaction

2005 Pangea Diamonds Diamonds Independent Competent Personrsquos Repor

2005 LionOre International Nickel Tati Nickel Review of Mineral Resources

Aquarius PSA2 Independent Competent Personrsquos Repor

2005 Aquarius Platinum Marikana Mineral Resources Review

2005 LionOre International NickelNkomati Due Diligence and Transaction ValueCalculations

2005 LionOre International Nickel World Nickel market study for group corporate work

2004 Avgold Limited GoldFair amp Reasonable Opinion on the Methodologies appliedand Values attributed to the Mineral Assets of ET Cons

2004 Aquarius Platinum Update of Independent Valuation of Mimosa

2004 Aquarius Platinum

Independent Techno-Economic Report and Fair andReasonable Opinion tot the PIC DBSA and IDC on the26 BEE Transaction for AQPSA ndash Document waived bythe JSE

2004 Mimosa Mining Company Platinum Mineral Resource and Ore Reserve Review

2004 Zimplats Platinum Zimplats Makwiro Valuation and Corporate Restructuring

2004 Assmang Manganese CGT Valuation

2004 Aquarius Platinum CGT Valuation

2004 Sishen South Iron CGT Valuation

2003 Unki Platinum Project Platinum CGT Valuation

2003Hernic Ferrochrome (Pty) Ltd Itochu

CorporationChromite

Independent valuation of the Stellite Chromite Mine Joint

Venture

2003 African Diamond Holdings (Pty) Ltd DiamondsIndependent techno-economic due diligence and valuationof African Diamond Holdings marine diamond concessionsand diamond cutting operation in Walvis Bay Namibia

2003 Unki Platinum Project Zimbabwe PlatinumTechno-Economic Valuation Report amp Fair amp ReasonableOpinion

2003 Transvaal Ferrochrome Ltd FerrochromeIndependent Competent Personrsquos Report and Valuation asa bankable Document for Australian Stock Exchange

2003 Aquarius Platinum (SA) (Pty) Ltd PlatinumIndependent Competent Personrsquos Report and Valuation forthe Everest South Project

2002 Zimbabwe Platinum Mines Ltd PlatinumIndependent valuation of Zimplats relative to the value ofthe Impala Platinum LtdAurionGold Ltd transaction

2002 Mitsubishi Corporation FerrochromeExpansion Report and Valuation on Hernic Ferrochrome(Pty) Ltd

2002 Aquarius Platinum Ltd PlatinumAcquisition Report on ZCE Platinum Ltd including the duediligence and valuation of Mimosa Mine in Zimbabwe

2002 Freddev Gold Valuation of Mineral Rights amp Royalties2002 Barnex Gold Valuation of Mineral Rights amp Royalties

2002 Western Areas Gold WA4 Project Valuation of Mineral Rights amp RoyaltyAgreement

2002 Mitsubishi Ferrochrome Expansion report and valuation

2007 DRDGold Au Emperor Gold Mines independent forensic review

2007 Kimberley Diamonds Corporation Diamonds Independent Listings Documentation

2007 Rockwell Diamonds Transhex Transaction Documentation

2007 Rockwell Diamonds Independent Mineral Resource Review

2007 Caledonia Mining Au Independent Disposal Documentation Eersteling

2007 Caledonia Mining Au Independent Disposal Documentation Barbrook

2007 Adsani Tantalite Refinery Ta Independent Technical Report

2006 LionOre Ni Base MetalsIndependent Valuation of Falconbridge International andNikkelverk Refinery

2006 LionOreBCL Ni Base Metals Independent Technical and Economic Valuation

2006 Vanamin V Independent Report for disposal2006 Kurils Islands Au Independent Technical Report NI43-101

2006 Mgart Armenia Au Independent Assessment and Valuation for AIM

2006 Zimbabwe Mining Bill All Preparation of industry submission to government

2006 Energem Oil amp Gas Preparation of National Instrument Compliance

2006 Ncondedzi Coal Coal Technical amp Corporate Listing Documentation

2006 Metallon International - Armenia Gold amp Base Metals Prospectivity amp Exploration Programme Preparation

2006 Hood Tantalite Tantalite Independent Techno Economic Valuation Report

2005 Harmony Randfontein 4 Shaft Gold Independent Valuation




2002 Aquarius Platinum Acquisition Report

2001 Northam Platinum Valuation

2001 Mitsubishi Corporation Ferrochrome Due Diligence Valuation and Acquisition Report

2001 Amcol Due Diligence Bentonite Independent due diligence and valuation on GampW

2001 Zimplats Impala Raising Platinum Circular to shareholders valuation report

2000 African Minerals Varied Independent competent personrsquos report2000 Barnato Exploration Limited Varied Competent personrsquos report

2000 Durban Deep Gold Independent valuation report2000 Iscor Limited Varied Independent valuation of exploration assets1999 Harmony Gold Mining Co Ltd Gold Harmony Kalgold West Rand Cons

1999 Leighton Contractors Tin Pre-feasibility study Pemali Tin (Indonesia)1999 Mitsubishi Ferro-Chrome Techno-economic valuation of Hernic Chrome

1998 Barnex Ltd Wits Gold Due diligence1998 Camco Diamonds Independent Competent Personrsquos Report and valuation1998 Crown Mines and DRD Wits Gold Valuation1998 Egyptian Government Phosphate Due diligence and valuation1998 Great Fitzroy Mines Copper Competent Personrsquos Report and Valuation1998 Iscor Mining Greenstone Gold Due diligence and valuation

1998 JCI Ltd Wits Gold Competent Personrsquos Report1998 Randgold amp Exploration Co Ltd Gold Competent Personrsquos Report1998 Western Areas Wits Gold Competent Personrsquos Report1997 CBR Mining Coal Due diligence

1997 Durban Roodepoort Deep Ltd Wits Gold Competent Personrsquos Report1997 GampW Base Bentonite Due diligence1997 JCI Ltd Wits Gold Competent Personrsquos Report

1997 Opaline Gold Greenstone Gold Competent Personrsquos Report1997 Penumbra Coal Due diligence1997 Randgold amp Exploration Co Ltd Greenstone Gold Competent Personrsquos Report1997 Rondebult Colliery Coal Due diligence1996 African Mining Corporation Alluvial Gold Project valuation1996 Australian Platinum Mines NL Platinum Due diligence1996 Benoni Gold Holdings Ltd Wits Gold Competent Personrsquos Report1996 Consolidated Metallurgical Industries Ferrochrome Competent Personrsquos Report and valuation1996 Durban Roodepoort Deep Ltd Wits Gold Competent Personrsquos Report1996 Harmony Gold Mining Co Ltd Wits Gold Competent Personrsquos Report1996 JCI Ltd Wits Gold Valuation1996 Rand Leases Properties Ltd Wits Gold Competent Personrsquos Report and valuation1996 Randgold amp Exploration Co Ltd Wits Gold Due diligence1995 African Mines Limited Greenstone Gold Project valuation1995 Barney-Seidle Arbitration Granite Project valuation arbitration

1995 Mopet Oil Oil and Gas Market analysis facilitator1995 Randgold amp Exploration Co Ltd Wits Gold Competent Personrsquos Report and valuation1995 Randgold Durban Deep Wits Gold Competent Personrsquos Report and valuation1995 Randgold Harmony Unisel Merger Wits Gold Competent Personrsquos Report and valuation1994 Aurora Exploration Varied - Industrials Competent Personrsquos Report and valuation1994 Consolidated Mining Corp Wits Gold Due diligence and valuation1994 CRA (Australia) Iron Ore Due diligence1994 Durban Roodepoort Deep Ltd Wits Gold Competent Personrsquos Report and valuation1994 Ghana Gold Mines Greenstone Gold Due diligence and valuation1994 Gold Fields of SA Ltd Wits Gold Competent Personrsquos Report and valuation1994 Hernic Chrome Ferro-Chrome Valuation and Strategic Analysis1994 Inca Magnesium Due diligence and valuation1994 Mitsubishi Ferrochrome Due diligence and valuation1994 Namco Diamonds Competent Personrsquos Report and valuation1994 Randgold amp Exploration Co Ltd Wits Gold Due diligence

1993 Namibia Oil amp Gas licenceapplications

Oil amp Gas Working with Paul Blair licence applications

1993 Atomic Energy Commission Uranium Strategic Analysis1993 Eskom Base metals Strategic Analysis1993 JCI Wits Gold Financial Planning Analysis (Rehabilitation)1993 Lonrho Platinum Financial Planning Analysis (Rehabilitation)1993 Rand Mines Properties Varied Mineral rights evaluation1992 Barbrook Gold Mines Greenstone Gold Ore resource modelling and mine valuation1992 Rand Merchant Bank Copper Ore resource modelling and project valuation1992 Rembrandt Platinum Mine valuation (Northam Platinum)1992 West Rand Cons Wits Gold Ore resource modeling and mine valuation1991 Rand Merchant Bank Wits Gold Ore reserve evaluation (Westonaria Gold Mine)1991 Rembrandt (Gold Fields of SA) Varied Due diligence valuation and strategic analysis1991 Standard Merchant Bank Greenstone Gold Due diligence and valuation (Eersteling Gold Mine)1990 Sequence Oil and Gas Oil amp Gas Due Diligence Report

1990 Atomic Energy Corporation Nuclear Fuels Strategic analysis1990 Consolidated Mining Corp Wits Gold Due diligence and valuation1990 Eskom CopperZinc Strategic Market Analysis (Toll Smelter potential)1990 Freddies Minerals Feldspar - Industrials Due diligence1990 Industrial Machinery Supplies Coal Strategic analysis and valuation (Bricketting plant)1990 Knights Gold Mine Wits Gold Competent Personrsquos Report




1990 Rand Merchant Bank Diamonds Due diligence and valuation (Alluvial Mine)1990 Corex Oil amp Gas Evaluation of prospectivity1990 Rand Merchant Bank LeadZinc Due diligence and valuation (Miranda Mine)1990 Rand Mines Varied Corporate Strategic Analysis1990 Rhogold Wits Gold Ore resource modeling1990 Rice Rinaldi Coal Due diligence and valuation1990 Sub Nigel Gold Mine Wits Gold Due diligence and valuation1990 Zaaiplaats Tin Mine Tin Due diligence and valuation1989 Avontuur Diamond Mines Diamonds Due diligence and valuation1989 Granite Consolidated Mining Granite Due diligence and valuation

1989 Osprey Gold Mine Greenstone Gold Due diligence and valuation1989 Rand Leases Gold Mine Wits Gold Ore resource modeling1989 Rand Merchant Bank Varied Mineral portfolio analysis (Swanson Rights)1989 Rhovan Vanadium Competent Personrsquos Report and valuation1989 Vanamin Severrin Mining Vanadium Due diligence and valuation1989 Zimco Andalusite Competent Personrsquos Report and valuation1988 Mullet Slate Slate Due diligence and valuation1988 Rand Merchant Bank Wits Gold Risk assessment analysis (Peritus Exploration)1988 Wit Nigel Gold Mine Wits Gold Ore resource modelling

Fair and Reasonable Opinions

YEAR CLIENTSecuritiesExchange

Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION

2007 DiamondcoreBRC JSE Acquisition 50 Independent FampR for Diamondcore

2006 LionOre International TSXAcquisition notificationdocumentation

650Independent Technical and Valuation FatalFlaws Report and FampR opinion for the Board ofLionOre Not published as an FampR

2005 Diamond Core JSE Category I Merger 100Independent CPR on the mineral assets ofSamadi Resources SA (Pty) Ltd and DiamondCore Resources Limited


1100 Tati Nickel Review of Mineral Resources

2005 Aquarius JSE 26 BEE 1500

Independent Techno-Economic Valuation andFair and Reasonable Opinion on the PIC IDCDBSA 26 Empowerment TransactionDocuments waived for the secondary listing

2004 Barplats JSE

Offer to Barplats

Minorities 600

Offer by Platinum Consortium to take outImplats The SRP insisted our report beprepared in full In the end Investec wrote the

Fair and Reasonable but was fully reliant uponthe Venmyn work as demonstrated in thecircular

2004 Zimplats ASXCollapse of theMakwiro Structure forshares to Implats

380 Fair Value calculation in a corporate restructure

2003 Amplats JSEAcquisition pricecalculation for UnkiPlatinum

Confidential

Preparation of an Independent Techno-Economic Valuation Report and Fair andReasonable Opinion Document not used as thetransaction became immaterial for reportingpurposes

2003Aquarius Platinum(South Africa) (Pty) Ltd

ASXOpinion on the valueof a RefineryAgreement

100Fair amp Reasonable Opinions for AquariusPlatinum for the Impala Refinery Commitments

2002Consolidated African

Mines Limited

JSECAM acquired 40 ofthe Letseng diamond

mine for CAM shares

100Preparation of an Independent Techno-Economic Valuation Report and Fair and

Reasonable Opinion Document used in full

2002 Zimplats ASX

Implats aquired acontrolling interest inZimplats by acquiringAurion Gold shares

500Preparation of an Independent Techno-Economic Valuation Report and Fair andReasonable Opinion Document used in full

2002 Aquarius ASXAquarius aquires 65in ZCE PlatinumLimited


2000 DiamondWorks TSX

Lyndhurst a SouthAfrican Companytakes control ofCanadian juniorDiamondworks

200

Preparation of an Independent Techno-Economic Valuation Report and Fair andReasonable Opinion Document used in full andspecial representation required in Toronto toexplain the transaction and the assets

1999 New Mining Corporation JSEListing and acquisitiondocumentation

500

Complicated transaction and full IndependentTechno-Economic Valuation prepared with Fairand Reasonable Opinion included in our reportThis satisfied the JSE and the SRP

1996West WitwatersrandGold Holdings Limited

JSE Section 440k Offer 200

Independent Competent Persons Report on theOffer by Durban Deep to West Wits underSection 440k Document included in circulars toboth shareholders Our Fair and ReasonableOpinion was specifically requested by the SRP




Key Qualifications and Description

Mr Clay has been a serving professional in the Minerals Industry since 1977 when he undertook field mapping anda professional apprenticeship within the Rhodesian Geological Survey This was at a time when fieldwork andpractical application of geological principals was still fundamental to the development of geology as a scienceFollowing this Mr Clay has dedicated his career to the commercial incorporation of first principles scientificprocess to the description reporting and valuation of mineral assets

Having worked for a number of years with mining companies both underground and in corporate Mr Clay was afounding member of Venmyn in 1988 whereby the company was associated with Rand Merchant Bank Thisrelationship enabled him to pursue the process of linking technical and financial valuation Since that time Mr Clayhas been involved in growing Venmyn and is presently the Managing Director

He has been involved in developing a style of reporting at Venmyn which has become internationally recognised ascompliant shorter form reporting The emphasis of the work is on tables bullet points and descriptive grahics forease of presentation and shareholder appreciation

He has been involved in the writing of numerous codes the South African Code for the Reporting of MineralResources and Reserves (SAMREC Code) and is currently on the committee writing the South African Code for theValuation of mineral projects (SAMVAL Code) He is presently involved in the oil and gas industry where hisexpertise in valuation is being used to determine the relationship between the reporting methodologies in this

industry relative to the rest of the mineral industry

Mr Clayrsquos key areas of expertise lie in the detailed financial valuation of mineral and mining projects usingdiscounted cash flow models In this regard he has undertaken over 25 valuations for eight different commoditiesover the last four years Details of the valuations and other assignments are tabled above These valuations havebeen used in listing and merger documentation both in local and international stock exchanges and for the privateuse of the companies concerned

EducationDEGREEDIPLOMA FIELD INSTITUTION YEARB Sc Hons Geology University College Cardiff 1976

M Sc Econ GeolEconomic Geology(awarded Corstorphine Medal for Best MSc Thesis)

University of the Witwatersrand 1981

GDE Graduate Diploma in Mining Engineering University of the Witwatersrand 1986M Sc Mining Engineering University of the Witwatersrand 1988Dip Bus M Diploma in Business Management Damelin College 1983Tax Mgmt Tax Management and Planning University of the Witwatersrand 1988

Employment RecordPOSITION COMPANY JOB DESCRIPTION DURATION

Managing Directorand Foundingpartner

Venmyn Rand (Pty) Ltd

bull Mr Clay serves as the Managing Director of Venmyn andis responsible for the companyrsquos strategic process as wellas finances budgeting and operations

bull Venmyn operates as a techno-economic consultancy forthe resources industry on a world wide basis

bull Mr Clay has been a key member of the SAMREC WorkingGroup responsible for compiling the SAMREC Code

bull Served on the JSESAMREC working committee for thedevelopment of the JSE Section 12 requirements

bull Serves on the Readers Panel for the JSEbull Mr Clay is director of the advisory business and provides

hands-on services to all the companyrsquos major clientsbull His expertise in financial valuation is particularly

appropriate for ensuring market to market presentation ofboth the technical and financial issues of resourcesprojects

bull Course leader for the Witwatersrand University andContinuing Education programme on Compliance in theMinerals Industry and

bull Mr Clay has a special interest in the proposed InternationalAccounting Standards ldquoIASrdquo Extractive Industries rules fordetermining NAV and NPV calculations in the mineralsindustry

1997 ndashpresent

General Manager RMB ResourcesRand Merchant Bank

bull Continuing business functions detailed belowbull

Also valuing managing and marketing investment projectsof the Resources division including deal structuring andcorporate finance

1996 ndash1997

Managing Directorand foundingpartner

Venmyn Rand (Pty) Ltd bull Techno-economic evaluation of a wide range of mineralresource projects using cashflow market capitalisationoption pricing and other comparative methods

1987 ndash1996




Senior Geologist Rand Mines Ltd bull Resident senior gold mine geologist responsible for thedevelopment and implementation of modern computerisedore reserve evaluation techniques at Harmony Gold Mineand Durban Roodepoort Deep Gold Mine

bull Transferred to head office where he was responsible for allgold mine ore reserve valuation functions This computerwork involved the development and planning of very largedatabases for orebody modelling

1981 ndash1988

Senior Geologist Zimro (Pty) Ltd(Industrial MineralsDivision of AAC)

bull Market development and application of a wide range ofindustrial and base minerals

1979 ndash1981

Geologist Geological Survey ofZimbabwe

bull Mapped a 100 kmsup2 area of granite-greenstone terrain andassisted in the compilation of a Bulletin over the area

bull Assisted the small mining sector with geological advice ongold copper gemstones and industrial minerals

1975 ndash1979

Languages

English ExcellentAfrikaans Fair

Certification

I the undersigned certify that to the best of my knowledge and belief these data correctly describe me my

qualifications and my experience

Date 10th March 2008Full name of staff member Andrew Neil Clay




Proposed Position Mineral Project Analyst


Name of Staff Mr Godknows Njowa

Profession Mining Engineer

Date of Birth 4th June 1978

Years with FirmEntity Two years

Nationality Zimbabwean

Membership in Professional SocietiesCLASS PROFESSIONAL SOCIETY YEAR OF REGISTRATIONCandidateEngineer

Engineering Council of South Africa 2007

Associate South African Institute of Mining and Metallurgy 2006Graduate Inst i tut e of Char ter ed Secr eta r ies and Admi nist rat ors 2004Graduate Zimbabwe Institute of Engineers 2000


Working Group Member JSE Listing Requirements (Section 12 and 8) 2007 ndash presentWorking Group Member SAMREC Code (Re-write) 2007 - presentWorking Group Member SAMVAL Code 2007 ndash presentPanel Member SAMREC IAS Award 2007 - present


2006 Western Areas PGE Valuation Report2006 Mintek Chromite Strategic Industry Review2006 Rhovan Vanadium Valuation report2006 Imbani Resources Coal High Level Review of Resource and Reserve held by Imbani2006 Salestalk 32 Vanadium Resources and Reserve Statement2006 Various Mineral Policy Review An Independent opinion on the Zimbabwe Amendment Bill2006 Anglo Platinum PGE An Independent Mineral Asset Valuation on the Union Section2006 Xstrata PGE An Independent Mineral Asset Valuation on the Mototolo JV2006 LionOre International Nickel Independent Technical and Economic Assessment of BCL Ltd2006 Worldwide Coal Coal Techno-Economic Valuation Report for the RBCT Tender2006 Crushco Aggregates Independent Techno-Economic Assessment2007 Caledonia Mining PGE Technical Information memorandum and Independent Valuation on

Eersteling and Barbrook for disposal2007 Highveld Steel Iron and Vanadium An Independent Valuation of Mineral Assets held by Highveld Steel2007 Mintek Mineral Policy Review SA system for Mine Closure Financial Provision Legislation

Key Qualifications

Mr Njowarsquos key areas of expertise lie the combination of skills in Financial Accounting Corporate Governance andMining Engineering Coupled with experience in both technical and corporate finance he has consolidated hisexpertise in detailed financial valuation of mineral and mining projects using discounted cashflow models

Mr Njowa has special interests in the public reporting of mineral assets and their valuation with focus on thefollowing codes and standards- International Accounting Standards (IAS) International Financial ReportingStandards (IFRS) South African Code for the Reporting of Mineral Resources and Reserves (SAMREC Code) andthe current draft of The South African Code for the Valuation of mineral projects (SAMVAL Code)

He has been involved in the writing of numerous codes the South African Code for the Reporting of MineralResources and Reserves (SAMREC Code) and is currently on the committee writing the South African Code for theValuation of mineral projects (SAMVAL Code) and on JSE Listing requirements committee and involved in thedrafting of the JSE listing requirements for the minerals and exploration companies




EducationDEGREEDIPLOMA

FIELD INSTITUTION YEAR

B Sc Hons Mining Engineering University of Zimbabwe 2003

ProfessionalQualification

Corporate Governance and FinancialAccounting

Institute of Chartered Secretaries andAdministrators

2004

GDE Graduate Diploma in Mining Engineeringspecialising in Mineral ResourcesManagement and Mineral Asset Valuations


M Sc Mining Engineering specialising in MineralResources Management (Cum Laude)



Mineral ProjectAnalyst

Venmyn Rand (Pty) Ltd Part of the consulting team with the majority of assignmentsbeing Due Diligence and valuation exercises Also undertakingcapital gains tax mineral rights projects and mine valuations inthe minerals industry Projects worked on include-bull Valuation and strategic analysis of mining companies and

mineral projects using the discounted cashflow and othercomparative methods

bull Valuation of various mineral rights and projects

Jan 2006 -Present

Head OfficeAccountant (Mining

Analyst)

Rio Tinto imbabwe(Head Office)

Management responsibilities as outlined below but now at theCorporate level involving four different mining and processing

operations Further responsibilities include-bull Processing foreign payments through the reserve bankbull Statutory tax royalties provisions calculations and

paymentsbull Arranging project and working capital funding andbull Group cash flow management in liaison with the Group

Accountant

November2004 ndash

January 2005

AssistantAccountant Mining

Rio Tinto Zimbabwe(Renco Mine)

Mining Responsibilities-bull Part of the Mine planning and cost control teambull Carry out internal investment appraisal for mining and

engineering projectsbull Conversion of Resources to Mineral reserves and

estimationbull Economic evaluations on future mining blocks andbull Budgeting production analysis and doing mining cost

management reports

Accounting Responsibilities-bull Preparation of monthly management reports and accountsbull Personnel deployment and management of five sub

sections (stores creditors payroll amenities and IT)bull Production planning management and quality controlbull Total cost control capital budgeting and cashflow

managementbull Maintenance of the companyrsquos records and bookkeepingbull Authorisation of foreign and local payments banking PGE

declaration and other statutory responsibilities

October 2003 ndash November2004

Graduate MiningEngineer Internship


Thin reef hard rock underground PGE production on theNyagena PGEfield reef seams using conventional longwallmining method and rail tramming systemResponsibilities included-bull

Drilling blasting loading and hauling operationsbull Support installation track work installation and

maintenancebull Daily mine production and machine schedulingbull Safety and health systems managementbull Production planning management and grade controlbull Total cost control and capital budgetingbull Equipment maintenance and condition monitoringbull Development of secondary orebody access through twin

sub-declines including project management of ancillaryinfrastructure development and installations

bull Technical computerisation using Datamine (dataprocessing block modelling and ore reserve estimation)and

bull Mineral processing and dressing of sulphides ores throughcynidation and carbon in leach PGE extraction

August 2001 ndash August2002

Student MiningEngineer

AA Mines(Shabanie Mine)

bull Massive ore body production managementbull Safety and quality managementbull Sub-level block caving with a trackless tramming systembull Chystolite asbestos production

October 1999 ndash February2000




Languages

English ExcellentShona Excellent

Certification

I the undersigned certify that to the best of my knowledge and belief these data correctly describe me myqualifications and my experience

Date 10th March 2008

Full name of staff member Godknows NjowaFull name of authorised representative NA




Appendix 2 Whittle Optimisation Outputs and Financials for Riviera Project




Appendix 3 Glossary of Terms and Abbreviations

The following glossary contains definitions of certain technical terms used in this report These definitions maydiffer from those ascribed to similar terms under applicable legislation

Actinolite A green silicate metamorphic mineralAeromagnetic A method of geophysical exploration in which an aircraft carries instruments that record the magnetic

signatures of the rocks beneath its flight pathAg The chemical symbol for the metallic element silverAlluvium Detrital sediment laid down by water especially by rivers or streamsAlteration Change in mineralogical composition of a rock commonly caused by reactions with hydrothermal solutionsAmphibole A mineral group an alumino ndashsilicate green in colourAmphibolite A metamorphic rock composed mainly of amphiboleAPT Ammonium Paratungstate a saleable compound of tungsten made form leaching scheelite oreBarite A mineral of composition BaSO4Basalt An extrusive igneous rock dark coloured f ine-grained composed mainly of feldspar and pyroxeneBasin A general term for an originally depressed area that has been filled with sedimentary rocksBatholith A large mass of plutonic igneous rocksBi The chemical symbol for the element bismuthCalc-silicate A metamorphic rock consisting largely of carbonate and calcium bearing silicate minerals formed by the

metamorphism of carbonate sedimentsCarbonate A mineral compound containing the radical CO3 anion especially calcium carbonate (calcite)Chalcopyrite A sulphide mineral composed of copper iron and sulphur (CuFeS2)Chlorite A platy hydrous silicate related to mica

Clastic Rocks composed of fragmental material derived from pre-existing rocksCobalt (Co) The element cobalt (its chemical symbol)Colluvium Surficial sheet-form relatively recent deposits emplaced by sheet wash or gravityConcentrate A concentration of valuable minerals obtained from lower grade mineralisation (especially of sulphides)Conjugate set Set of related fractures which intersect and have dissimilar orientationsCopper (Cu) The metallic element (its chemical symbol)Costean An elongate pitDiamond drilling Method of obtaining cylindrical core of rock by drilling with a diamond-set or diamond-impregnated bitDip The angle that a rock unit or structure makes with the horizontalDisseminated Mineralisation in which mineral grains (especially sulphides) are dispersed throughout a host rock (as against

being concentrated in a massive band)Dolerite A dark coloured fine to medium-grained intrusive igneous rockDyke A tabular igneous intrusion that cuts across the intruded rocksElectromagnetic A geophysical exploration method utilising the electrical or magnetic properties of rocks or mineralsEn echelon Parallel but offset structures or veins

Epithermal A hydrothermal mineral deposit formed within about 900m of the surface within the temperature range of 50oto 200oC characterised by veinsExtrusive Igneous rocks that have been formed from volcanic action on the surface of the EarthFault A fracture in rock along which there has been relative displacement of the two sides either vertically or

horizontallyFeldspar A silicate mineral group formed in igneous and metamorphic rocks light colouredFelsic Descriptive of light coloured rock containing an abundance of feldspar (generally potassium rich) and quartzFlotation A metallurgical technique for the separation of (especially) sulphide minerals from finely ground rockFluorite A mineral of composition CaF2Fold A bend in strata or any planar structureFormation A rock unit often sedimentary may be given a formal name capable of its distribution being mapped either at

or below the surface of the earthgt Grams per tonneGalena The lead sulphide mineral (PbS)Garnet A alumino-silicate metamorphic mineralGeochemistry The study of the abundance of elements in rocks by chemical methods

Geophysics The science of the physical properties of the Earth eg the magnetic properties and signatures of rock unitsGeotechnical The science that includes the physical properties and responses of rocks and rock formations to strains and

stresses especially in mine situationsGIS Geographic information system A computer based system that enables various sets of data that have known

geographical positions to be viewed compared and manipulatedGneiss High grade metamorphic rock composed of alternating bands respectively rich in light and dark coloured

mineralsGold The metallic element (chemical symbol Au)Grade Expression of relative quality (eg high grade) or of numerical quality (eg30gt Au)Granite Light coloured coarse-grained intrusive igneous rock comprises large sections of the Earthrsquos continental

crustGranulite A high-grade metamorphic rock composed of interlocking granular mineralsGround magnetics A geophysical exploration method based on the detection of buried rockbodies of different magnetic properties

to those surrounding themHematite An oxide of iron red in colour

Hydrothermal Minerals formed in situ by the action of hot aqueous fluidsIgneous Formed by solidification of hot mobile material termed magmaIndicated resource That part of a resource for which tonnage densities shape physical characteristics grade and mineralogy

can be estimated with a reasonable level of confidenceInferred resource That part of a resource for which tonnage grade and mineralogy can be estimated with a low level of

confidence




Intrusion A body of igneous rock that invades older rocksLateritised Rocks altered and enriched in iron by weatheringMafic Descriptive of rocks composed dominantly of magnesium and iron forming silicatesMagnetite An iron oxide mineral Fe3O4Metallurgy The science of the extraction or processing of metalsMetamorphosed A rock that has been altered by physical and chemical processes involving heat pressure and derived fluidsMetasediment A metamorphosed sedimentary rockMica A platy mineralMineralisation The concentration of metals and their minerals within a body of rockMn The chemical symbol for the metallic element manganeseMo The chemical symbol for the metallic element molybdenumMolybdenite The sulphide mineral of molybdenum (MoS2)Molybdenum A metallic element (chemical symbol Mo)Neoproterozoic The youngest of the three Proterozoic eras between about 580 and 1000 million years agoPalaeozoic The era of geological time from the end of the Proterozoic to the beginning of the Mesozoic between about

580 and 250 million years agoPaleoproterozoic The oldest of the three Proterozoic eras between about 2500 and 1600 million years agoPetrology The study of rocks especially in terms of the arrangement and origin of their mineral componentsPlunge The downward direction of the long axis of a rock unit or lineationPlutonic Igneous rocks formed at great depthPorphyry Igneous rock containing conspicuous phenocrysts (large crystals) in a fine grained groundmass usually

intrusiveppb or ppm Parts per billion (1000 million) or parts per millionProterozoic The younger portion of the Precambrian from about 2500 to 580 million years agoPyrite A mineral composed of iron sulphide (FeS2) ldquofools goldrdquoPyroxene A mineral group of alumino-silicate composition

Pyrrhotite An iron sulphide mineralQuartz A mineral composed of silicon dioxideRAB See Rotary Air BlastRadiometric Measurement of radiation An airborne radiometric survey may distinguish different rock units on the basis of

their inherent radioactive mineralsRC See reverse circulationReef A tabular or vein like deposit of valuable mineral between well defined wallsResource In-situ mineral occurrence for which there are reasonable prospects for eventual economic extraction The

location quantity grade geological characteristics and continuity are known estimated or interpreted fromspecific geological evidence and knowledge

Reverse circulation (RC) A percussion drilling technique in which the cuttings are recovered through the drill rods thus minimisingsample losses and contamination

Rotary air blast (RAB) Rotary drilling technique in which sample is returned to surface outside the rod string by compressed airSandstone A sedimentary rock composed primarily of sand-sized grainsScheelite A tungsten mineral of composition CaWO4Sediment Rock formed by the deposition of solid grains from waterShaft Vertical opening to underground workingsShear A zone in which rocks have been deformed primarily in a ductile manner as a result of applied stressSiltstone A very fine-grained sedimentary rock composed predominantly of silt-sized grainsSkarn A metamorphic rock formed by the addition of elements to a carbonate rock by contact metamorphism from an

igneous intrusionSlate A very fine- grained medium-grade metamorphic rock formed from shaleSoil sampling Systematic collection of soil samples at a series of different locations in order to study the distribution of soil

geochemical valuesStrike The direction of a rock layer or structure on a level surfaceStructural Pertaining to geological structure including folds faults shears cleavage and joints Structures range from

regional scale to microscopicSulphide A mineral compound containing sulphur and metalTungsten The metallic element (chemical symbol W)Twinned holes A pair of parallel holes drilled close togetherVein A thin sheet-like intrusion into a fissure or crack commonly bearing quartz

Volcanic Descriptive of rocks originating from volcanic activityW The chemical symbol for the element tungstenWeathering The processes by which rocks at or near the Earthrsquos surface change in mineralogical and chemical

composition due to the action of air water plants and temperature changesWolfram The element tungstenWolframite A tungsten mineral of composition (Fe Mn)WO4 Workings Minor scrapings pits or shafts dug by prospectors or small scale miners mostly historicalZinc The metallic element (its chemical symbol is Zn)Zn The chemical symbol for the element zinc



tpa Tonnes per annumtpm Tonnes per monthgt Gramme per tonneppm Parts per millionZARt Rands per tonneUS$oz US dollars per ouncekm Kilometrem Metre

m Cubic metremicrom Micronsha HectareMt Million tonnes

Conversion factors from metric units to imperial units are provided below

Metric unit Imperial equivalent

1 gramme =1 g =003215 troy ounces1 gramme per tonne =1 gt =003215 troy ounces per tonne1 kilogramme per tonne =1 kgt =3215 troy ounces per tonne1 hectare =1 ha =247105 acres1 kilometre =1 km =0621371 miles1 metre =1 m =328084 feet1 centimetre =1 cm =039370 inches

List of Abbreviationsamsl above mean sea levelAu goldAusIMM Australian Institute of Mining and MetallurgyBEE Black Economic EmpowermentBFS Bankable Feasibility Studybn billioncmgt centimetre grams per tonneCPR Competent Persons ReportCu copperEIA Environmental Impact AssessmentEMC Eurus Mineral ConsultantsEIS Environmental Impact StudyEMPR

Environmental Management Programme Reportg gramgt grams per tonneH hourha hectaresIRR internal rate of returnJORC Joint Ore Reserves CommitteeJSE Limited Johannesburg Stock Exchangek kilo or thousandkm kilometrel litrem metresMAICD Member of Australian Institute of Company DirectorsMAIG Australian Institute of Geoscientistsmamsl metres above mean sea levelMMRS Mineral and Mining Reclamation Services

MPRDA Minerals Petroleum and Resources DevelopmentMPRRB Minerals Petroleum and Resources Royalty BillMt million tonnesmy million yearsNPV net present valuepa per annumppb parts per billionppm parts per millionRC Reverse circulationSAIMM South African Institute of Mining and MetallurgySAMREC South African Mineral Resources Codet tonnagetpa tonnes per annumtpd tonnes per dayUSD United States Dollars

Abbreviations and Measures



i



ON THE



BY


Mr Wiaan BassonBongani Minerals (Pty) Ltd88 Du Toitspan RdKimberley8301South Africa

Dear Sirs

EXECUTIVE SUMMARY

Venmyn was requested by the Directors of Bongani Minerals (Bongani) to prepare a conceptual open pitmine design and scheduling scoping study (scoping study) on the Riviera Tungsten Project (Riviera)(Greenfield project) located approximately 150km north of Cape Town in the Western Cape Province SouthAfrica Bongani potentially focuses on the exploitation of tungsten and molybdenum occurring on the RivieraProject area subject to the granting of a mining right This report summarises the results of an open pit minedesign and scheduling study which was undertaken during the period from November 2008 to February2009 The purpose of the study was to determine the technical practicalities of open pit mining and financialmerits on the Riviera property in order to enable Bongani Minerals to make an informed decision on whetherto invest further in developing the project into a mining operation and to establish whether there werereasonable prospects of eventual economic extraction under current commodity prices and macro-economicparameters The Whittle shells shows that the Riviera deposit can be mined profitably using open pit miningas detailed in this report It should be noted that the depth of the mine design and scheduling conducted onthe project is of a pre-feasibility standard however due to lack of precise data in the geological model it wasconsidered to be of conceptual study standard

This deposit has previously been drilled by Anglo American Prospecting Services (AAPS) and the initialresource estimation was based on this historical exploration programme The Riviera project team intends toestablish an open pit mining operation hence the need for a conceptual mine design scoping study of theopen pit potential being investigated in this report

Venmyn estimated an unqualified Minable Inventory for Riviera based on input parameters supplied by theclient and a high level block model in a csv file format used to generate the geological block model as thebasis of the open pit design and scheduling The geological block model showed block grade of Tungstenoxide (WO

3) and excluded other relevant details of Molybdenum (Mo) grade rock types density and any

geological structures useful in determining the geotechnical regimes of the area or deposit An averagespecific gravity (SG) of 26 was used throughout the ore regions and the country waste rock

Pit optimisation using Whittle software was conducted to determine the ultimate pit shell for use in the designof a practical pit and then develop a mine schedule The estimated mineralised block tonnages wascategorised as an Inferred Resource for the purpose of the exercise since no resource classification wasdefined in the geological block model Had the Mo grade been included there is a greater chance of realisingimproved pit economics depending on its grade The main economic and practical pit design parametersapplied included a (WO3) price of US$250 per metric tonne unit (mtu) mining cost of ZARR28 per tonne aprocessing cost of ZAR12250 per tonne and a discount rate of 17 Mo price was not included and noroyalty or selling cost was included in the Whittle run These parameters were later included in the life ofmine (LoM) schedule financials at an annual ore production of 700000 tonnes per annum (tpa) The Riviera

ore is assumed sold as ammonium paratungstate (APT) whereas if sold as a concentrate it will attract afraction of the ATP price The open pit with the highest open pit value from Whittle was used to determine anultimate pit for design purposes








TOTAL 12000000 031 -





Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030




-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097983088 983090983089983088 983090983091983088 983090983093983088












report

OPERATIONAL RISKS








ON THE



BY


EXECUTIVE SUMMARY

TABLE OF CONTENTS













61 Process 8

62 Mining Method 8


64










8 CONCLUSIONS 22

9 REFERENCES 23




LIST OF FIGURES

















LIST OF TABLES



Compliant) 6













LIST OF APPENDICES







1




















2





3
















LICENCEOWNERSHIP

FARM NAMEMINERAL

RIGHTTYPE OFLICENCE

DATE OFISSUE

EXPIRYDATE

LICENCENUMBERS

AREA(Ha)






55521




4





5


















6






BOREHOLEBLOCKAREA

THICKNESS(m)

TONNESGRADE(WO3)

WO3 TONNES

MoGRADE(ppm)

Mo (kg)

REV 23 844300 18 39513200 026 102734 260 10273400

REV 24 691600 17 30568700 01 30569 290 8864900

REV 27 876600 17 38745700 029 112363 150 5811900

REV 29 1519700 13 51365900 028 143824 612 31435900REV 33 794400 34 70225000 013 91292 70 4915800

REV 37 1383200 23 82715400 029 239875 85 7030800

REV 38 1114500 17 49260900 033 162561 700 34482600

REV 39 1910300 63 312907100 018 563233 200 62581400

REV 40 1205500 36 112834800 028 315937 310 34978800

REV 46 2036600 16 84722600 013 110139 70 5930600

REV 48 1671000 64 278054400 028 778552 320 88977400

REV 53 1820700 23 108877900 019 206868 135 14698500

REV 56 2273000 18 106376400 013 138289 40 4255100

REV 58 2367000 51 313864200 029 910206 450 141238900

A0 2196600 44 251291000 016 402066 80 20103300

A+100 1372900 35 124933900 025 312335 225 28110100

C0 2140800 63 350663000 015 525995 160 56129400

D+100 1756100 65 296780900 02 593562 100 29678100

E0 2581300 25 167784500 015 251677 80 13427800

AA+200 1198200 14 43614500 02 87229 135 5888000

A+400 1277500 31 99006300 027 267317 300 29701900

AA+400 1277500 42 139503000 039 544062 256 35712800

BB+200 1811900 22 103640700 017 176189 110 11400500

BB+300 839900 16 34939800 014 48916 67 2341000

BB+400 700400 43 78304700 026 203592 240 18793100

BB+500 1860400 53 256363100 023 589635 443 113568900

BBCC+350 386200 27 27111200 02 54222 163 4419100

CC+200 1788400 33 153444700 045 690501 10 0

CC+400 1174700 17 51921700 035 181726 140 7269000

DD+200 1900800 16 76032000 016 121651 23 1748700

DD+600 3140800 33 269480600 02 538961 188 50662400FF+400 3250900 20 169046800 012 202856 88 14876100

FF+600 3706100 15 144537900 016 231261 118 17055500

FF+800 4559200 17 201516600 017 342578 33 6650000

TOTAL 59429000 3062 4719949100 02176 10272773 665100 923011700





7




DENSITY(tm

3)

WO3

()Mo()

WO3(mtu)

Mo(mtu)







028

029

030

031

032

033

034

035

036

037

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

1


Tonnesabovecut-of






8




61 Process







bull




62 Mining Method





9









63 Pit Optimisation














10














METAL TO CONC

CONCENTRATESOURCE











Waste 94674 Mt

Strip ratio 822






11




0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19Pit Number


-1000

-500

0

500

1000

1500

2000

2500

3000

M i l l i o n s




Pit

selected

10







12



























13












14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence



































TOTAL 12000000 031 -





Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030




-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097983088 983090983089983088 983090983091983088 983090983093983088












report

OPERATIONAL RISKS








ON THE



BY


EXECUTIVE SUMMARY

TABLE OF CONTENTS













61 Process 8

62 Mining Method 8


64










8 CONCLUSIONS 22

9 REFERENCES 23




LIST OF FIGURES

















LIST OF TABLES



Compliant) 6













LIST OF APPENDICES







1




















2





3
















LICENCEOWNERSHIP

FARM NAMEMINERAL

RIGHTTYPE OFLICENCE

DATE OFISSUE

EXPIRYDATE

LICENCENUMBERS

AREA(Ha)






55521




4





5


















6






BOREHOLEBLOCKAREA

THICKNESS(m)

TONNESGRADE(WO3)

WO3 TONNES

MoGRADE(ppm)

Mo (kg)

REV 23 844300 18 39513200 026 102734 260 10273400

REV 24 691600 17 30568700 01 30569 290 8864900

REV 27 876600 17 38745700 029 112363 150 5811900

REV 29 1519700 13 51365900 028 143824 612 31435900REV 33 794400 34 70225000 013 91292 70 4915800

REV 37 1383200 23 82715400 029 239875 85 7030800

REV 38 1114500 17 49260900 033 162561 700 34482600

REV 39 1910300 63 312907100 018 563233 200 62581400

REV 40 1205500 36 112834800 028 315937 310 34978800

REV 46 2036600 16 84722600 013 110139 70 5930600

REV 48 1671000 64 278054400 028 778552 320 88977400

REV 53 1820700 23 108877900 019 206868 135 14698500

REV 56 2273000 18 106376400 013 138289 40 4255100

REV 58 2367000 51 313864200 029 910206 450 141238900

A0 2196600 44 251291000 016 402066 80 20103300

A+100 1372900 35 124933900 025 312335 225 28110100

C0 2140800 63 350663000 015 525995 160 56129400

D+100 1756100 65 296780900 02 593562 100 29678100

E0 2581300 25 167784500 015 251677 80 13427800

AA+200 1198200 14 43614500 02 87229 135 5888000

A+400 1277500 31 99006300 027 267317 300 29701900

AA+400 1277500 42 139503000 039 544062 256 35712800

BB+200 1811900 22 103640700 017 176189 110 11400500

BB+300 839900 16 34939800 014 48916 67 2341000

BB+400 700400 43 78304700 026 203592 240 18793100

BB+500 1860400 53 256363100 023 589635 443 113568900

BBCC+350 386200 27 27111200 02 54222 163 4419100

CC+200 1788400 33 153444700 045 690501 10 0

CC+400 1174700 17 51921700 035 181726 140 7269000

DD+200 1900800 16 76032000 016 121651 23 1748700

DD+600 3140800 33 269480600 02 538961 188 50662400FF+400 3250900 20 169046800 012 202856 88 14876100

FF+600 3706100 15 144537900 016 231261 118 17055500

FF+800 4559200 17 201516600 017 342578 33 6650000

TOTAL 59429000 3062 4719949100 02176 10272773 665100 923011700





7




DENSITY(tm

3)

WO3

()Mo()

WO3(mtu)

Mo(mtu)







028

029

030

031

032

033

034

035

036

037

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

1


Tonnesabovecut-of






8




61 Process







bull




62 Mining Method





9









63 Pit Optimisation














10














METAL TO CONC

CONCENTRATESOURCE











Waste 94674 Mt

Strip ratio 822






11




0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19Pit Number


-1000

-500

0

500

1000

1500

2000

2500

3000

M i l l i o n s




Pit

selected

10







12



























13












14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence







































report

OPERATIONAL RISKS








ON THE



BY


EXECUTIVE SUMMARY

TABLE OF CONTENTS













61 Process 8

62 Mining Method 8


64










8 CONCLUSIONS 22

9 REFERENCES 23




LIST OF FIGURES

















LIST OF TABLES



Compliant) 6













LIST OF APPENDICES







1




















2





3
















LICENCEOWNERSHIP

FARM NAMEMINERAL

RIGHTTYPE OFLICENCE

DATE OFISSUE

EXPIRYDATE

LICENCENUMBERS

AREA(Ha)






55521




4





5


















6






BOREHOLEBLOCKAREA

THICKNESS(m)

TONNESGRADE(WO3)

WO3 TONNES

MoGRADE(ppm)

Mo (kg)

REV 23 844300 18 39513200 026 102734 260 10273400

REV 24 691600 17 30568700 01 30569 290 8864900

REV 27 876600 17 38745700 029 112363 150 5811900

REV 29 1519700 13 51365900 028 143824 612 31435900REV 33 794400 34 70225000 013 91292 70 4915800

REV 37 1383200 23 82715400 029 239875 85 7030800

REV 38 1114500 17 49260900 033 162561 700 34482600

REV 39 1910300 63 312907100 018 563233 200 62581400

REV 40 1205500 36 112834800 028 315937 310 34978800

REV 46 2036600 16 84722600 013 110139 70 5930600

REV 48 1671000 64 278054400 028 778552 320 88977400

REV 53 1820700 23 108877900 019 206868 135 14698500

REV 56 2273000 18 106376400 013 138289 40 4255100

REV 58 2367000 51 313864200 029 910206 450 141238900

A0 2196600 44 251291000 016 402066 80 20103300

A+100 1372900 35 124933900 025 312335 225 28110100

C0 2140800 63 350663000 015 525995 160 56129400

D+100 1756100 65 296780900 02 593562 100 29678100

E0 2581300 25 167784500 015 251677 80 13427800

AA+200 1198200 14 43614500 02 87229 135 5888000

A+400 1277500 31 99006300 027 267317 300 29701900

AA+400 1277500 42 139503000 039 544062 256 35712800

BB+200 1811900 22 103640700 017 176189 110 11400500

BB+300 839900 16 34939800 014 48916 67 2341000

BB+400 700400 43 78304700 026 203592 240 18793100

BB+500 1860400 53 256363100 023 589635 443 113568900

BBCC+350 386200 27 27111200 02 54222 163 4419100

CC+200 1788400 33 153444700 045 690501 10 0

CC+400 1174700 17 51921700 035 181726 140 7269000

DD+200 1900800 16 76032000 016 121651 23 1748700

DD+600 3140800 33 269480600 02 538961 188 50662400FF+400 3250900 20 169046800 012 202856 88 14876100

FF+600 3706100 15 144537900 016 231261 118 17055500

FF+800 4559200 17 201516600 017 342578 33 6650000

TOTAL 59429000 3062 4719949100 02176 10272773 665100 923011700





7




DENSITY(tm

3)

WO3

()Mo()

WO3(mtu)

Mo(mtu)







028

029

030

031

032

033

034

035

036

037

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

1


Tonnesabovecut-of






8




61 Process







bull




62 Mining Method





9









63 Pit Optimisation














10














METAL TO CONC

CONCENTRATESOURCE











Waste 94674 Mt

Strip ratio 822






11




0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19Pit Number


-1000

-500

0

500

1000

1500

2000

2500

3000

M i l l i o n s




Pit

selected

10







12



























13












14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence
































ON THE



BY


EXECUTIVE SUMMARY

TABLE OF CONTENTS













61 Process 8

62 Mining Method 8


64










8 CONCLUSIONS 22

9 REFERENCES 23




LIST OF FIGURES

















LIST OF TABLES



Compliant) 6













LIST OF APPENDICES







1




















2





3
















LICENCEOWNERSHIP

FARM NAMEMINERAL

RIGHTTYPE OFLICENCE

DATE OFISSUE

EXPIRYDATE

LICENCENUMBERS

AREA(Ha)






55521




4





5


















6






BOREHOLEBLOCKAREA

THICKNESS(m)

TONNESGRADE(WO3)

WO3 TONNES

MoGRADE(ppm)

Mo (kg)

REV 23 844300 18 39513200 026 102734 260 10273400

REV 24 691600 17 30568700 01 30569 290 8864900

REV 27 876600 17 38745700 029 112363 150 5811900

REV 29 1519700 13 51365900 028 143824 612 31435900REV 33 794400 34 70225000 013 91292 70 4915800

REV 37 1383200 23 82715400 029 239875 85 7030800

REV 38 1114500 17 49260900 033 162561 700 34482600

REV 39 1910300 63 312907100 018 563233 200 62581400

REV 40 1205500 36 112834800 028 315937 310 34978800

REV 46 2036600 16 84722600 013 110139 70 5930600

REV 48 1671000 64 278054400 028 778552 320 88977400

REV 53 1820700 23 108877900 019 206868 135 14698500

REV 56 2273000 18 106376400 013 138289 40 4255100

REV 58 2367000 51 313864200 029 910206 450 141238900

A0 2196600 44 251291000 016 402066 80 20103300

A+100 1372900 35 124933900 025 312335 225 28110100

C0 2140800 63 350663000 015 525995 160 56129400

D+100 1756100 65 296780900 02 593562 100 29678100

E0 2581300 25 167784500 015 251677 80 13427800

AA+200 1198200 14 43614500 02 87229 135 5888000

A+400 1277500 31 99006300 027 267317 300 29701900

AA+400 1277500 42 139503000 039 544062 256 35712800

BB+200 1811900 22 103640700 017 176189 110 11400500

BB+300 839900 16 34939800 014 48916 67 2341000

BB+400 700400 43 78304700 026 203592 240 18793100

BB+500 1860400 53 256363100 023 589635 443 113568900

BBCC+350 386200 27 27111200 02 54222 163 4419100

CC+200 1788400 33 153444700 045 690501 10 0

CC+400 1174700 17 51921700 035 181726 140 7269000

DD+200 1900800 16 76032000 016 121651 23 1748700

DD+600 3140800 33 269480600 02 538961 188 50662400FF+400 3250900 20 169046800 012 202856 88 14876100

FF+600 3706100 15 144537900 016 231261 118 17055500

FF+800 4559200 17 201516600 017 342578 33 6650000

TOTAL 59429000 3062 4719949100 02176 10272773 665100 923011700





7




DENSITY(tm

3)

WO3

()Mo()

WO3(mtu)

Mo(mtu)







028

029

030

031

032

033

034

035

036

037

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

1


Tonnesabovecut-of






8




61 Process







bull




62 Mining Method





9









63 Pit Optimisation














10














METAL TO CONC

CONCENTRATESOURCE











Waste 94674 Mt

Strip ratio 822






11




0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19Pit Number


-1000

-500

0

500

1000

1500

2000

2500

3000

M i l l i o n s




Pit

selected

10







12



























13












14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence































LIST OF FIGURES

















LIST OF TABLES



Compliant) 6













LIST OF APPENDICES







1




















2





3
















LICENCEOWNERSHIP

FARM NAMEMINERAL

RIGHTTYPE OFLICENCE

DATE OFISSUE

EXPIRYDATE

LICENCENUMBERS

AREA(Ha)






55521




4





5


















6






BOREHOLEBLOCKAREA

THICKNESS(m)

TONNESGRADE(WO3)

WO3 TONNES

MoGRADE(ppm)

Mo (kg)

REV 23 844300 18 39513200 026 102734 260 10273400

REV 24 691600 17 30568700 01 30569 290 8864900

REV 27 876600 17 38745700 029 112363 150 5811900

REV 29 1519700 13 51365900 028 143824 612 31435900REV 33 794400 34 70225000 013 91292 70 4915800

REV 37 1383200 23 82715400 029 239875 85 7030800

REV 38 1114500 17 49260900 033 162561 700 34482600

REV 39 1910300 63 312907100 018 563233 200 62581400

REV 40 1205500 36 112834800 028 315937 310 34978800

REV 46 2036600 16 84722600 013 110139 70 5930600

REV 48 1671000 64 278054400 028 778552 320 88977400

REV 53 1820700 23 108877900 019 206868 135 14698500

REV 56 2273000 18 106376400 013 138289 40 4255100

REV 58 2367000 51 313864200 029 910206 450 141238900

A0 2196600 44 251291000 016 402066 80 20103300

A+100 1372900 35 124933900 025 312335 225 28110100

C0 2140800 63 350663000 015 525995 160 56129400

D+100 1756100 65 296780900 02 593562 100 29678100

E0 2581300 25 167784500 015 251677 80 13427800

AA+200 1198200 14 43614500 02 87229 135 5888000

A+400 1277500 31 99006300 027 267317 300 29701900

AA+400 1277500 42 139503000 039 544062 256 35712800

BB+200 1811900 22 103640700 017 176189 110 11400500

BB+300 839900 16 34939800 014 48916 67 2341000

BB+400 700400 43 78304700 026 203592 240 18793100

BB+500 1860400 53 256363100 023 589635 443 113568900

BBCC+350 386200 27 27111200 02 54222 163 4419100

CC+200 1788400 33 153444700 045 690501 10 0

CC+400 1174700 17 51921700 035 181726 140 7269000

DD+200 1900800 16 76032000 016 121651 23 1748700

DD+600 3140800 33 269480600 02 538961 188 50662400FF+400 3250900 20 169046800 012 202856 88 14876100

FF+600 3706100 15 144537900 016 231261 118 17055500

FF+800 4559200 17 201516600 017 342578 33 6650000

TOTAL 59429000 3062 4719949100 02176 10272773 665100 923011700





7




DENSITY(tm

3)

WO3

()Mo()

WO3(mtu)

Mo(mtu)







028

029

030

031

032

033

034

035

036

037

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

1


Tonnesabovecut-of






8




61 Process







bull




62 Mining Method





9









63 Pit Optimisation














10














METAL TO CONC

CONCENTRATESOURCE











Waste 94674 Mt

Strip ratio 822






11




0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19Pit Number


-1000

-500

0

500

1000

1500

2000

2500

3000

M i l l i o n s




Pit

selected

10







12



























13












14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence































1




















2





3
















LICENCEOWNERSHIP

FARM NAMEMINERAL

RIGHTTYPE OFLICENCE

DATE OFISSUE

EXPIRYDATE

LICENCENUMBERS

AREA(Ha)






55521




4





5


















6






BOREHOLEBLOCKAREA

THICKNESS(m)

TONNESGRADE(WO3)

WO3 TONNES

MoGRADE(ppm)

Mo (kg)

REV 23 844300 18 39513200 026 102734 260 10273400

REV 24 691600 17 30568700 01 30569 290 8864900

REV 27 876600 17 38745700 029 112363 150 5811900

REV 29 1519700 13 51365900 028 143824 612 31435900REV 33 794400 34 70225000 013 91292 70 4915800

REV 37 1383200 23 82715400 029 239875 85 7030800

REV 38 1114500 17 49260900 033 162561 700 34482600

REV 39 1910300 63 312907100 018 563233 200 62581400

REV 40 1205500 36 112834800 028 315937 310 34978800

REV 46 2036600 16 84722600 013 110139 70 5930600

REV 48 1671000 64 278054400 028 778552 320 88977400

REV 53 1820700 23 108877900 019 206868 135 14698500

REV 56 2273000 18 106376400 013 138289 40 4255100

REV 58 2367000 51 313864200 029 910206 450 141238900

A0 2196600 44 251291000 016 402066 80 20103300

A+100 1372900 35 124933900 025 312335 225 28110100

C0 2140800 63 350663000 015 525995 160 56129400

D+100 1756100 65 296780900 02 593562 100 29678100

E0 2581300 25 167784500 015 251677 80 13427800

AA+200 1198200 14 43614500 02 87229 135 5888000

A+400 1277500 31 99006300 027 267317 300 29701900

AA+400 1277500 42 139503000 039 544062 256 35712800

BB+200 1811900 22 103640700 017 176189 110 11400500

BB+300 839900 16 34939800 014 48916 67 2341000

BB+400 700400 43 78304700 026 203592 240 18793100

BB+500 1860400 53 256363100 023 589635 443 113568900

BBCC+350 386200 27 27111200 02 54222 163 4419100

CC+200 1788400 33 153444700 045 690501 10 0

CC+400 1174700 17 51921700 035 181726 140 7269000

DD+200 1900800 16 76032000 016 121651 23 1748700

DD+600 3140800 33 269480600 02 538961 188 50662400FF+400 3250900 20 169046800 012 202856 88 14876100

FF+600 3706100 15 144537900 016 231261 118 17055500

FF+800 4559200 17 201516600 017 342578 33 6650000

TOTAL 59429000 3062 4719949100 02176 10272773 665100 923011700





7




DENSITY(tm

3)

WO3

()Mo()

WO3(mtu)

Mo(mtu)







028

029

030

031

032

033

034

035

036

037

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

1


Tonnesabovecut-of






8




61 Process







bull




62 Mining Method





9









63 Pit Optimisation














10














METAL TO CONC

CONCENTRATESOURCE











Waste 94674 Mt

Strip ratio 822






11




0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19Pit Number


-1000

-500

0

500

1000

1500

2000

2500

3000

M i l l i o n s




Pit

selected

10







12



























13












14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























2





3
















LICENCEOWNERSHIP

FARM NAMEMINERAL

RIGHTTYPE OFLICENCE

DATE OFISSUE

EXPIRYDATE

LICENCENUMBERS

AREA(Ha)






55521




4





5


















6






BOREHOLEBLOCKAREA

THICKNESS(m)

TONNESGRADE(WO3)

WO3 TONNES

MoGRADE(ppm)

Mo (kg)

REV 23 844300 18 39513200 026 102734 260 10273400

REV 24 691600 17 30568700 01 30569 290 8864900

REV 27 876600 17 38745700 029 112363 150 5811900

REV 29 1519700 13 51365900 028 143824 612 31435900REV 33 794400 34 70225000 013 91292 70 4915800

REV 37 1383200 23 82715400 029 239875 85 7030800

REV 38 1114500 17 49260900 033 162561 700 34482600

REV 39 1910300 63 312907100 018 563233 200 62581400

REV 40 1205500 36 112834800 028 315937 310 34978800

REV 46 2036600 16 84722600 013 110139 70 5930600

REV 48 1671000 64 278054400 028 778552 320 88977400

REV 53 1820700 23 108877900 019 206868 135 14698500

REV 56 2273000 18 106376400 013 138289 40 4255100

REV 58 2367000 51 313864200 029 910206 450 141238900

A0 2196600 44 251291000 016 402066 80 20103300

A+100 1372900 35 124933900 025 312335 225 28110100

C0 2140800 63 350663000 015 525995 160 56129400

D+100 1756100 65 296780900 02 593562 100 29678100

E0 2581300 25 167784500 015 251677 80 13427800

AA+200 1198200 14 43614500 02 87229 135 5888000

A+400 1277500 31 99006300 027 267317 300 29701900

AA+400 1277500 42 139503000 039 544062 256 35712800

BB+200 1811900 22 103640700 017 176189 110 11400500

BB+300 839900 16 34939800 014 48916 67 2341000

BB+400 700400 43 78304700 026 203592 240 18793100

BB+500 1860400 53 256363100 023 589635 443 113568900

BBCC+350 386200 27 27111200 02 54222 163 4419100

CC+200 1788400 33 153444700 045 690501 10 0

CC+400 1174700 17 51921700 035 181726 140 7269000

DD+200 1900800 16 76032000 016 121651 23 1748700

DD+600 3140800 33 269480600 02 538961 188 50662400FF+400 3250900 20 169046800 012 202856 88 14876100

FF+600 3706100 15 144537900 016 231261 118 17055500

FF+800 4559200 17 201516600 017 342578 33 6650000

TOTAL 59429000 3062 4719949100 02176 10272773 665100 923011700





7




DENSITY(tm

3)

WO3

()Mo()

WO3(mtu)

Mo(mtu)







028

029

030

031

032

033

034

035

036

037

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

1


Tonnesabovecut-of






8




61 Process







bull




62 Mining Method





9









63 Pit Optimisation














10














METAL TO CONC

CONCENTRATESOURCE











Waste 94674 Mt

Strip ratio 822






11




0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19Pit Number


-1000

-500

0

500

1000

1500

2000

2500

3000

M i l l i o n s




Pit

selected

10







12



























13












14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























3
















LICENCEOWNERSHIP

FARM NAMEMINERAL

RIGHTTYPE OFLICENCE

DATE OFISSUE

EXPIRYDATE

LICENCENUMBERS

AREA(Ha)






55521




4





5


















6






BOREHOLEBLOCKAREA

THICKNESS(m)

TONNESGRADE(WO3)

WO3 TONNES

MoGRADE(ppm)

Mo (kg)

REV 23 844300 18 39513200 026 102734 260 10273400

REV 24 691600 17 30568700 01 30569 290 8864900

REV 27 876600 17 38745700 029 112363 150 5811900

REV 29 1519700 13 51365900 028 143824 612 31435900REV 33 794400 34 70225000 013 91292 70 4915800

REV 37 1383200 23 82715400 029 239875 85 7030800

REV 38 1114500 17 49260900 033 162561 700 34482600

REV 39 1910300 63 312907100 018 563233 200 62581400

REV 40 1205500 36 112834800 028 315937 310 34978800

REV 46 2036600 16 84722600 013 110139 70 5930600

REV 48 1671000 64 278054400 028 778552 320 88977400

REV 53 1820700 23 108877900 019 206868 135 14698500

REV 56 2273000 18 106376400 013 138289 40 4255100

REV 58 2367000 51 313864200 029 910206 450 141238900

A0 2196600 44 251291000 016 402066 80 20103300

A+100 1372900 35 124933900 025 312335 225 28110100

C0 2140800 63 350663000 015 525995 160 56129400

D+100 1756100 65 296780900 02 593562 100 29678100

E0 2581300 25 167784500 015 251677 80 13427800

AA+200 1198200 14 43614500 02 87229 135 5888000

A+400 1277500 31 99006300 027 267317 300 29701900

AA+400 1277500 42 139503000 039 544062 256 35712800

BB+200 1811900 22 103640700 017 176189 110 11400500

BB+300 839900 16 34939800 014 48916 67 2341000

BB+400 700400 43 78304700 026 203592 240 18793100

BB+500 1860400 53 256363100 023 589635 443 113568900

BBCC+350 386200 27 27111200 02 54222 163 4419100

CC+200 1788400 33 153444700 045 690501 10 0

CC+400 1174700 17 51921700 035 181726 140 7269000

DD+200 1900800 16 76032000 016 121651 23 1748700

DD+600 3140800 33 269480600 02 538961 188 50662400FF+400 3250900 20 169046800 012 202856 88 14876100

FF+600 3706100 15 144537900 016 231261 118 17055500

FF+800 4559200 17 201516600 017 342578 33 6650000

TOTAL 59429000 3062 4719949100 02176 10272773 665100 923011700





7




DENSITY(tm

3)

WO3

()Mo()

WO3(mtu)

Mo(mtu)







028

029

030

031

032

033

034

035

036

037

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

1


Tonnesabovecut-of






8




61 Process







bull




62 Mining Method





9









63 Pit Optimisation














10














METAL TO CONC

CONCENTRATESOURCE











Waste 94674 Mt

Strip ratio 822






11




0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19Pit Number


-1000

-500

0

500

1000

1500

2000

2500

3000

M i l l i o n s




Pit

selected

10







12



























13












14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























4





5


















6






BOREHOLEBLOCKAREA

THICKNESS(m)

TONNESGRADE(WO3)

WO3 TONNES

MoGRADE(ppm)

Mo (kg)

REV 23 844300 18 39513200 026 102734 260 10273400

REV 24 691600 17 30568700 01 30569 290 8864900

REV 27 876600 17 38745700 029 112363 150 5811900

REV 29 1519700 13 51365900 028 143824 612 31435900REV 33 794400 34 70225000 013 91292 70 4915800

REV 37 1383200 23 82715400 029 239875 85 7030800

REV 38 1114500 17 49260900 033 162561 700 34482600

REV 39 1910300 63 312907100 018 563233 200 62581400

REV 40 1205500 36 112834800 028 315937 310 34978800

REV 46 2036600 16 84722600 013 110139 70 5930600

REV 48 1671000 64 278054400 028 778552 320 88977400

REV 53 1820700 23 108877900 019 206868 135 14698500

REV 56 2273000 18 106376400 013 138289 40 4255100

REV 58 2367000 51 313864200 029 910206 450 141238900

A0 2196600 44 251291000 016 402066 80 20103300

A+100 1372900 35 124933900 025 312335 225 28110100

C0 2140800 63 350663000 015 525995 160 56129400

D+100 1756100 65 296780900 02 593562 100 29678100

E0 2581300 25 167784500 015 251677 80 13427800

AA+200 1198200 14 43614500 02 87229 135 5888000

A+400 1277500 31 99006300 027 267317 300 29701900

AA+400 1277500 42 139503000 039 544062 256 35712800

BB+200 1811900 22 103640700 017 176189 110 11400500

BB+300 839900 16 34939800 014 48916 67 2341000

BB+400 700400 43 78304700 026 203592 240 18793100

BB+500 1860400 53 256363100 023 589635 443 113568900

BBCC+350 386200 27 27111200 02 54222 163 4419100

CC+200 1788400 33 153444700 045 690501 10 0

CC+400 1174700 17 51921700 035 181726 140 7269000

DD+200 1900800 16 76032000 016 121651 23 1748700

DD+600 3140800 33 269480600 02 538961 188 50662400FF+400 3250900 20 169046800 012 202856 88 14876100

FF+600 3706100 15 144537900 016 231261 118 17055500

FF+800 4559200 17 201516600 017 342578 33 6650000

TOTAL 59429000 3062 4719949100 02176 10272773 665100 923011700





7




DENSITY(tm

3)

WO3

()Mo()

WO3(mtu)

Mo(mtu)







028

029

030

031

032

033

034

035

036

037

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

1


Tonnesabovecut-of






8




61 Process







bull




62 Mining Method





9









63 Pit Optimisation














10














METAL TO CONC

CONCENTRATESOURCE











Waste 94674 Mt

Strip ratio 822






11




0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19Pit Number


-1000

-500

0

500

1000

1500

2000

2500

3000

M i l l i o n s




Pit

selected

10







12



























13












14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























5


















6






BOREHOLEBLOCKAREA

THICKNESS(m)

TONNESGRADE(WO3)

WO3 TONNES

MoGRADE(ppm)

Mo (kg)

REV 23 844300 18 39513200 026 102734 260 10273400

REV 24 691600 17 30568700 01 30569 290 8864900

REV 27 876600 17 38745700 029 112363 150 5811900

REV 29 1519700 13 51365900 028 143824 612 31435900REV 33 794400 34 70225000 013 91292 70 4915800

REV 37 1383200 23 82715400 029 239875 85 7030800

REV 38 1114500 17 49260900 033 162561 700 34482600

REV 39 1910300 63 312907100 018 563233 200 62581400

REV 40 1205500 36 112834800 028 315937 310 34978800

REV 46 2036600 16 84722600 013 110139 70 5930600

REV 48 1671000 64 278054400 028 778552 320 88977400

REV 53 1820700 23 108877900 019 206868 135 14698500

REV 56 2273000 18 106376400 013 138289 40 4255100

REV 58 2367000 51 313864200 029 910206 450 141238900

A0 2196600 44 251291000 016 402066 80 20103300

A+100 1372900 35 124933900 025 312335 225 28110100

C0 2140800 63 350663000 015 525995 160 56129400

D+100 1756100 65 296780900 02 593562 100 29678100

E0 2581300 25 167784500 015 251677 80 13427800

AA+200 1198200 14 43614500 02 87229 135 5888000

A+400 1277500 31 99006300 027 267317 300 29701900

AA+400 1277500 42 139503000 039 544062 256 35712800

BB+200 1811900 22 103640700 017 176189 110 11400500

BB+300 839900 16 34939800 014 48916 67 2341000

BB+400 700400 43 78304700 026 203592 240 18793100

BB+500 1860400 53 256363100 023 589635 443 113568900

BBCC+350 386200 27 27111200 02 54222 163 4419100

CC+200 1788400 33 153444700 045 690501 10 0

CC+400 1174700 17 51921700 035 181726 140 7269000

DD+200 1900800 16 76032000 016 121651 23 1748700

DD+600 3140800 33 269480600 02 538961 188 50662400FF+400 3250900 20 169046800 012 202856 88 14876100

FF+600 3706100 15 144537900 016 231261 118 17055500

FF+800 4559200 17 201516600 017 342578 33 6650000

TOTAL 59429000 3062 4719949100 02176 10272773 665100 923011700





7




DENSITY(tm

3)

WO3

()Mo()

WO3(mtu)

Mo(mtu)







028

029

030

031

032

033

034

035

036

037

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

1


Tonnesabovecut-of






8




61 Process







bull




62 Mining Method





9









63 Pit Optimisation














10














METAL TO CONC

CONCENTRATESOURCE











Waste 94674 Mt

Strip ratio 822






11




0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19Pit Number


-1000

-500

0

500

1000

1500

2000

2500

3000

M i l l i o n s




Pit

selected

10







12



























13












14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























6






BOREHOLEBLOCKAREA

THICKNESS(m)

TONNESGRADE(WO3)

WO3 TONNES

MoGRADE(ppm)

Mo (kg)

REV 23 844300 18 39513200 026 102734 260 10273400

REV 24 691600 17 30568700 01 30569 290 8864900

REV 27 876600 17 38745700 029 112363 150 5811900

REV 29 1519700 13 51365900 028 143824 612 31435900REV 33 794400 34 70225000 013 91292 70 4915800

REV 37 1383200 23 82715400 029 239875 85 7030800

REV 38 1114500 17 49260900 033 162561 700 34482600

REV 39 1910300 63 312907100 018 563233 200 62581400

REV 40 1205500 36 112834800 028 315937 310 34978800

REV 46 2036600 16 84722600 013 110139 70 5930600

REV 48 1671000 64 278054400 028 778552 320 88977400

REV 53 1820700 23 108877900 019 206868 135 14698500

REV 56 2273000 18 106376400 013 138289 40 4255100

REV 58 2367000 51 313864200 029 910206 450 141238900

A0 2196600 44 251291000 016 402066 80 20103300

A+100 1372900 35 124933900 025 312335 225 28110100

C0 2140800 63 350663000 015 525995 160 56129400

D+100 1756100 65 296780900 02 593562 100 29678100

E0 2581300 25 167784500 015 251677 80 13427800

AA+200 1198200 14 43614500 02 87229 135 5888000

A+400 1277500 31 99006300 027 267317 300 29701900

AA+400 1277500 42 139503000 039 544062 256 35712800

BB+200 1811900 22 103640700 017 176189 110 11400500

BB+300 839900 16 34939800 014 48916 67 2341000

BB+400 700400 43 78304700 026 203592 240 18793100

BB+500 1860400 53 256363100 023 589635 443 113568900

BBCC+350 386200 27 27111200 02 54222 163 4419100

CC+200 1788400 33 153444700 045 690501 10 0

CC+400 1174700 17 51921700 035 181726 140 7269000

DD+200 1900800 16 76032000 016 121651 23 1748700

DD+600 3140800 33 269480600 02 538961 188 50662400FF+400 3250900 20 169046800 012 202856 88 14876100

FF+600 3706100 15 144537900 016 231261 118 17055500

FF+800 4559200 17 201516600 017 342578 33 6650000

TOTAL 59429000 3062 4719949100 02176 10272773 665100 923011700





7




DENSITY(tm

3)

WO3

()Mo()

WO3(mtu)

Mo(mtu)







028

029

030

031

032

033

034

035

036

037

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

1


Tonnesabovecut-of






8




61 Process







bull




62 Mining Method





9









63 Pit Optimisation














10














METAL TO CONC

CONCENTRATESOURCE











Waste 94674 Mt

Strip ratio 822






11




0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19Pit Number


-1000

-500

0

500

1000

1500

2000

2500

3000

M i l l i o n s




Pit

selected

10







12



























13












14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























7




DENSITY(tm

3)

WO3

()Mo()

WO3(mtu)

Mo(mtu)







028

029

030

031

032

033

034

035

036

037

0

2000000

4000000

6000000

8000000

10000000

12000000

14000000

1


Tonnesabovecut-of






8




61 Process







bull




62 Mining Method





9









63 Pit Optimisation














10














METAL TO CONC

CONCENTRATESOURCE











Waste 94674 Mt

Strip ratio 822






11




0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19Pit Number


-1000

-500

0

500

1000

1500

2000

2500

3000

M i l l i o n s




Pit

selected

10







12



























13












14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























8




61 Process







bull




62 Mining Method





9









63 Pit Optimisation














10














METAL TO CONC

CONCENTRATESOURCE











Waste 94674 Mt

Strip ratio 822






11




0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19Pit Number


-1000

-500

0

500

1000

1500

2000

2500

3000

M i l l i o n s




Pit

selected

10







12



























13












14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























9









63 Pit Optimisation














10














METAL TO CONC

CONCENTRATESOURCE











Waste 94674 Mt

Strip ratio 822






11




0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19Pit Number


-1000

-500

0

500

1000

1500

2000

2500

3000

M i l l i o n s




Pit

selected

10







12



























13












14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























10














METAL TO CONC

CONCENTRATESOURCE











Waste 94674 Mt

Strip ratio 822






11




0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19Pit Number


-1000

-500

0

500

1000

1500

2000

2500

3000

M i l l i o n s




Pit

selected

10







12



























13












14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























11




0

20

40

60

80

100

120

140

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19Pit Number


-1000

-500

0

500

1000

1500

2000

2500

3000

M i l l i o n s




Pit

selected

10







12



























13












14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























12



























13












14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























13












14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























14







(TONNES)WASTE

(TONNES)ROCK

(TONNES)



Variance -654972 7584575 6929603

Variance () -569 801 653





15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























15






RESERVECATEGORY


ROCK(TONNES)

ORE(TONNES)

WO3()

MO()

ROCK03 - - - -

ROCK02 - - - -

ROCK01 10860167 10860167 030 -

WAST 102258636 - - -

Total 113118803 10860167 030 -



- Inferred 10860167 030 -

Total 10860167 030 -



TOTAL 10860167 030 -






16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























16




-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18


M i l l i o n s

Period

T o n n e s ( t )

-

005

010

015

020

025

030

035

W O 3 g r a d e










Ore mined tonnes - 348385 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 - 028 029 030 031 031 030 030





Ore mined tonnes 700000 700000 700000 700000 700000 700000 700000 700000


ROM feed grade WO3 029 029 029 029 028 028 029 029





-


ROM feed grade WO3 029 029 - - - - - 029



17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























17


















2 2 2 2

3 3

1 1 1 1 1 1 1 1 1

0

7

9 9

12

14

16

7

6

4

1 1 1 1 1 1

0-

20

40

60

80

100

120

140

160

180

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o

f E q p



3



18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























18




0

1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

0

1

2 2 2 2 2 2 2 2 2 2 2 2 2

1

-

05

10

15

20

25

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Period

N o o f E q p







-

10

20

30

40

50

60

70

80

90

100

110

120

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

NoofOperators




19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























19







NPV (ZARm) 138645




(1500)

(1000)

(500)

-

500

1000

1500

2000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25

NPVZAR

Millions

YEARS

Cashflow Cumulative





20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






























20



-500

0

500

1000

1500

2000

2500

3000

14 18 22 26 30

NPV(ZARm)

983108983145983155983139983151983157983150983156 983122983137983156983141

983089983097 983088 983090 983089 983088 983090983091983088 983090983093 983088








8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence

































8 CONCLUSIONS










Yours faithfully








9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence































9 REFERENCES

AUTHOR TITLE




























Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






































Nationality British























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence




























































CorporationChromite


Venture























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence























































Jurisdiction

TransactionType

ImpliedValue

(US$m)DESCRIPTION









2004 Barplats JSE

Offer to Barplats

Minorities 600






Confidential






Mines Limited


mine for CAM shares



2002 Zimplats ASX







200



500































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence






















































1997 ndashpresent




1996 ndash1997



1987 ndash1996






1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence

































1981 ndash1988



1979 ndash1981




1975 ndash1979

Languages


Certification






















Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence














































Key Qualifications













2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence





































2004










Jan 2006 -Present


Analyst)





Accountant

November2004 ndash

January 2005






management reports






















Languages


Certification





























confidence































Languages


Certification





























confidence





















































confidence


























