TANTALUM PROJECT

In July 2001, Pinnacle entered into a memorandum of understanding and agreement with Professor Becker of South Africa to produce and market a tantalum oxide concentrate. Professor Becker was a senior lecturer in the department of metallurgical engineering at the University of Pretoria, South Africa, and is a consultant to major steel companies of the world.

Professor Becker has provided Pinnacle with his cutting-edge technology and use of his world patents for the construction of a tantalum (Ta) beneficiation plant in South Africa. Financing for the facility has been provided by Pinnacle.

Sources of tantalum ore have been identified by Professor Becker in Zambia, Mozambique, Nigeria and South Africa that will have the capacity of providing a reliable feedstock for the plant. Since the United States has no domestic source of tantalum, Ta can be deemed a strategic metal adding further significance to Pinnacle's tantalum project.

Tantalum is an excellent conductor of heat and electricity and has a very high melting point. Because of these qualities Ta's major use is in the production of electronic components and high temperature alloys. A major application of tantalum is for capacitors used in portable telephones, personal computers and automotive electronics. Alloyed with other metals, tantalum is used for making carbide tools for metalworking and in the production of super-alloys for jet engine components. The Company believes that the anticipated purity of the tantalum concentrate yielded by the Becker process will enable Pinnacle to become the preferred provider of superior quality tantalite.

Titan Processors, The Company's South African subsidiary, in January of 2004 began production of high purity tantalum pentoxide.


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