Albidon Limited (ALB) –Munali Heading For Production from April 2008

• The appointment of Byrnecut using drilling jumbos has resulted in Albidon exposing the main orebody at Munali in January 2008 (two months ahead of schedule) and it now expects to start feeding ore through the mill in April 2008.
• The plant at Munali is expected to produce ~9,000tpa Ni (with copper, cobalt platinum and palladium credits), based on a plant design capacity of 900,000tpa. However, 1mtpa appears to be achievable, and the plant has been designed for expansion, which could result in a treatment rates potentially >1.1mtpa.
• A resource has now been established at Voyager (adjacent west on strike to the main Enterprise orebody) and the understanding of the mineralisation and orebody infers that further extensions to the orebody are possible, especially at depth, such that Munali could still become a Tier 1 orebody (worth >US$1bn).
• Albidon’s next most advanced Project appears to be its Njame Uranium JV, also located in Zambia and immediately SW of Munali. It appears to have a similar style of banded mineralisation in sandstones to Paladin’s Kayelekera Project further northeast, and is currently undergoing a PFS scheduled for completion in MQ08.
• Although BHPB pulled out of the Selebi-Phikwe JV in Botswana because it did not meet their potential orebody parameters, ALB has identified a number of targets such as Sunnyside that appear to have Selebi-Phikwe type signature structures.
• Albidon has a number of other joint ventures throughout Africa in which material progress is being made, with BHPB continuing to focus on Songea Nickel in Tanzania, and Zinifex making encouraging progress with intersections such as 8m @ 11.7%Zn within the historic Bou Aouane mining district at Nefza, Tunisia.