Kasbah’s progress since listing on the Australian Security Exchange (ASX) in April 2007 has been in line with the objectives defined for the company.

Since April Kasbah has:

• Expanded the management team through the engagement of Mr Michael Kitney (Development Manager)
• Consolidated all the Moroccan geological data in digital form
• Established the Moroccan exploration team and operating base at Achmmach
• Defined the 2007 / 2008 Exploration Programme across all three projects
• Completed scoping studies on the Achmmach and El Karit tin projects
• Commenced base line environmental studies at the Achmmach and El Karit tin projects
• Commenced the first phase of drilling at the Achmmach tin project
• Acquired the Tamlalt gold project in Eastern Morocco from ONHYM

The Company’s objective is to systematically advance all of these assets through to feasibility. The resource targets and development triggers have been defined by Kasbah with the drilling programmes planned seeking to define the required mineral resource tonnages that will underpin full development of the projects. Additional technical and environmental studies are underway to evaluate, define, quantify and mitigate other development risks.

Kasbah is in a strong financial position with over $10m in cash as of 30 September 2007, with these funds being sufficient to advance phase 1 and 2 of the drilling programmes at the Achmmach and El Karit tin projects and the associated feasibility studies.

In March 2008 the tin price reached US$20,000 per tonne. This is an all time record for the commodity and has brought tin back onto the radar screens of many market analysts. In addition gold broke through the US$700 per ounce barrier in September 2007 and continues to gain appeal to many investors. The Company continues to assess project acquisition opportunities and is seeking to increase its exposure to these commodities.

The outlook for these commodities and Kasbah’s exposure to both should increase the attractiveness of Morocco and Kasbah as an investment option.