4.

EXPLORATION AND DEVELOPMENT COSTS

For the year ended June 30, 2007           (In thousands of United States Dollars)               Depreciation   Net loss   Total assets     $ 000   $ 000   $ 000 The Company is organized and managed geographically. Currently this includes the Democratic Republic of Congo (DRC), Zambia and Namibia, which reflects the following in terms of depreciation, net losses and total assets:             As at June 30, 2007             DRC 63   7,141   8,546   Zambia 33   9,244   509   Namibia 29   3,844   517   Holding companies 74   7,037   4,541     199   27,266   14,113   As at June 30, 2006             DRC 2   83   297   Zambia 28   1,901   210   Namibia 10   1,897   126   Holding companies 5   6,211   26,860     45   10,092   27,493                       2007   2006         $ 000   $ 000   The following is a summary of exploration and development costs incurred by the Company related to its mineral property interests for the years ended June 30, 2007 and June 30, 2006, respectively:           DRC              Drilling   902   –      Transportation   321   48      Contractors and personnel   1,681   128      Feasibility studies   334   –      Other exploration and development costs   1,617   –      Other overheads and allocated costs   2,775   6   Total   7,630   182               Zambia              Drilling   2,633   1,152      Transportation   313   317      Contractors and personnel   1,491   1,312      Feasibility studies   1,042   –      Other exploration and development costs   2,871   –      Other overheads and allocated costs   3,888   474   Total   12,238   3,255               Namibia           Drilling   1,358   945   Transportation   38   130   Contractors and personnel   840   781   Feasibility studies   45   186   Other exploration and development costs   1,219   –   Other overheads and allocated costs   807   435   Total   4,307   2,477   Total exploration and development costs   24,175   5,914   Exploration and development costs in Zambia include expenditures incurred on all the Zambian projects being Konkola North, the Copperbelt Joint Venture, the Kafue Joint Venture and Mwambashi. In Namibia, exploration and development costs comprise expenditure incurred on the Otjikoto Gold Project and general exploration work in the Greater Otavi Area. Exploration and development costs in the DRC reflect the establishment and staffing of an office to advance the resource and exploration program. Other exploration and development costs include feasibility costs on Konkola North and Mwambashi (in Zambia) and Kalumines (in DRC).