Reserves and Resources

The estimation methods used to determine and classify the mineral resources included the assessment of the geological and geochemical confidence levels achieved from exploration drilling data and the quality of the mineralisation through geochemical analyses.

Venmyn assisted Sephaku Cement in January 2008 in publishing a mineral resource estimation and classification by following the principles and guidelines of the SAMREC Code. This code is recognised as the best practice basis for reporting mineral project valuation and ensures compliance to the JSE Listings Requirements.

The Mineral Resource and Mineral Reserve Statement for the limestone deposits of the Itsoseng Project was compiled by Venmyn and reported in the Technical Statement dated the 31st January 2008. This statement has since been up-dated to 28th February 2009 on the basis that no material changes have occurred since the latest block modelling exercise. The mineral resources are inclusive of the mineral reserves.

The table below shows the Mineral Resource and Mineral Reserve Statement for the limestone deposits of the Aganang Project as at 28th February 2009:

Mineral Resources

Category	Area (ha)	Volume (m³)	Density (kg/m³)	Tonnage (Mt)
Measured	672	36.67	2.27	83.24
Indicated	24	1.52	2.27	3.45
Inferred	326	16.30	2.27	11.10
Total/Ave	1,022	54.49	2.27	97.79

Mineral Reserves

Category	Quarry Footprint Area (ha)	Volume (m³)	Density (kg/m³)	Tonnage (Mt)
Proved	-	-	-	-
Probable	672	36.67	2.27	83.24
Total/Ave	672	36.67	2.27	83.24

Note: All Measured Resources were converted to Probable Reserves.

Mineral Resource and Mineral Reserve Statement for the Nokeng Project, as at May 2010

Mineral Resource estimate (inclusive of Mineral Reserves)

	Tons ('000)	Contained CaF2('000t)	CaF2(%)
Inferred Mineral Resources
Plattekop	361	138	38.40%
Outwash Fan	–	–	–
Sub-Total	361	138	38.40%
Indicated Mineral Resources
Plattekop 2,917.00	1,236.00	42.40%
Outwash Fan	–	–	–
Sub-Total	2,911.00	1,236.00	42.40%
Measured Mineral Resources
Plattekop	–	–	–
Outwash Fan	8,182.50	2,010.90	24.60%
Sub-Total	8,182.50	2,010.90	24.60%
Total Mineral Resources
Total	11,460.50	3,384.90	29.50%

Notes:

• Quoted at a cut-off grade of 15% CaF₂
• Plattekop based on April 2009 SRK Mineral Resource Estimate.
• Outwash Fan based on November 2008 SRK Mineral Resource Estimate.
• All tabulated data has been rounded to one decimal point for tonnage, grade and contained CaF₂ and to two decimal points for density.

Mineral Reserve estimate

	Tons ('000)	Contained CaF2('000t)	CaF2(%)
Proven Mineral Reserves
Plattekop	–	–	–
Outwash Fan	9,065.10	2,055.10	22.70%
Sub-total	9,065.10	2,055.10	22.70%
Probable Mineral Reserves
Plattekop	3,129.60	1,259.10	40.20%
Outwash Fan	–	–	–
Sub-total	3,129.60	1,259.10	40.20%
Total Mineral Reserves
Total	12,194.10	3,314.10	21.20%

Based on an air dried basis