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Exploration Joint Venture

On 29 January 2009 we announced that an opportunity had been identified in Mongolia to develop an interest in the mining and processing of metallurgical grade fluorspar for use in the steel industry. As part of the development of this opportunity, two joint venture agreements were signed with two separate Mongolian partners to conduct exploration for fluorspar. We also announced that Lotus had a number of other exploration and mining licences for fluorspar under active consideration.

Lotus is now pleased to announce the signing of a third joint venture agreement to conduct exploration for fluorspar. This is an advanced exploration licence where we expect to be able to obtain a mining licence following a successful short exploration programme.

These three joint ventures, if successful, will necessitate a requirement for additional equity funding to cover the mining phase of these opportunities, as well as crystallising a requirement for additional working capital. The scale and timing of the fundraising will be dependent on the requirements of the individual projects. However, it is expected that such additional fundraising would need to be undertaken over the coming months.

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