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MINTAILS IS CURRENTLY IN DISCUSSION WITH VARIOUS MINING HOUSES WITH A VIEW TO LEVERAGING ITS PLANT, EQUIPMENT AND RESOURCE-BASE. THE OUTCOME OF THESE DISCUSSIONS COULD SEE MINTAILS PARTICIPATING IN A FURTHER CONSOLIDATION OF ADDITIONAL RESOURCES, AND POTENTIALLY PARTICIPATE IN AN EXTENSION OF PRODUCTION CAPACITY.

URANIUM

The total uranium resource located on the West Rand was increased from approximately 21 million lbs of uranium (U3O8) to approximately 30.5 million lb of uranium (U308) (announced on 12 October 2007).

The previously announced uranium resource (4 July 2007) comprised approximately 3.5 million lbs in the JORC indicated category and 17.59 million lbs in the JORC inferred category. The upgraded resource announced on 12 October totalled 30.5 million lbs which is represented by 14.71 million lbs in the JORC indicated category and the balance of 15.59 million lbs in the JORC inferred category.

Mintails' quarterly report for the period ended 30 June 2007 explained the significant mining and cost advantages of its above ground tailings resources as compared to in-situ resources. Surface tailings resources are already mined and milled and can be processed at significant processing volumes. The Company can therefore process and recover uranium at a substantially lower per pound cost than traditional underground mining operations. Additionally Mintails' Metallurgical Test work campaign (undertaken independently by Mintek Laboratories, Johannesburg) indicates potential recoveries of uranium from these slimes in the range of 70% to 86%.