Penny Mahoney

[6]

11 April 2005

Dear Mr. Ibrahim,

Thank you for your response. The price that I offered was a little bit lower than the spot market price listed on the Chicago Board of Trade on Friday last week. I understand that the price has been volitile recently so any reasonable counter-offer will be considered.

You mentioned that you would like me to travel to you to verify the purity of the gold and finalise the transaction. I will be going to Antwerp soon and I can come to you after that if we can agree on a final price. Just send me the details so I can arrive with the proper assay equipment.

Sincerely,
Penny Mahoney