Smelting

On the 16th March 2010 Weatherly completed the sale of Namibian Custom Smelters (Pty) Ltd, the company that owns and operates its Smelter at Tsumeb in Namibia to Dundee Precious Metals Inc. for consideration of approximately US$55 million made up of cash (US$11 million), repayment of Convertible loan (US$14.5 million), forgiveness of debt (US$23.5 million) and shares in Dundee Precious Metals Inc. that will be distributed to shareholders as dividend (US$6 million).