23 December 2005
	Other mineral extractors MIRANDA MINERALS By Michael Coulson

Now the really hard work starts Ord price: 17c Sector PE: 12,2 *Market cap R26,1m 12-month high 21c; low 10c Year to Aug 31 Income Rm Operating profit Rm Pretax profit Rm Headline loss per share (c) NAV per share (c) 2002 213 (7,99) (10,06) 29,4 14,1 2003 99 (6,17) (9,02) 17,6 0,2 2004 13 6,48 6,48 0,6 0,1 2005 - (0,50) (0,50) 1,6 (1,5) Trading vol 12-month average ('000): 169/month © Financial Mail *After issue of 78m shares to Miranda vendors at 29c and 45m to Pacific Breeze at 6c, a consideration of R2,7m. The R22,8m acquisitionof Miranda Minerals (Pty) and interdependent Pacific Breeze BEE deal were approved by shareholders on December 2, converting the renamed Proper Group from a shell into a prospecting and exploration company. Miranda has applied for 54 "new order" permits, of which 42 have been accepted. The next objectives will be to build management and technical expertise, generate revenue by selling options to strategic partners, and build the asset base by identifying and bringing to account new properties. 23December2005