18 April 2012 – mining update

The company has announced that its main Benkala copper mine has started production with a target of between 3,500 and 5,000 tonnes of copper expected to be produced by the end of the year.  This is encouraging news and shows that the company remains on track to meet its planned schedule.  Although the shares must be viewed as high risk given the nature of the operations, we re-iterate our recommendation of SPECULATIVE BUY.