questions 1st june 2012, page-14

OK Tony on a slightly more serious note..

Can you give me at a high level your thoughts on the following;

- where do YOU see the largest risks are for PLV? Both controllable and uncontrollable?

- what is the financial criteria for success?

- have Timeone/SS&T spoken much to PLV about the EU debt crisis and its potential impacts to Chinese economy? ie. Would Greece defaulting (and the contagion it would cause) be a game changer for obtaining Chinese finance? (I do take comfort in the IO 62.5% spot price turning positively in the last few days to $134/tonne = $165/tonne for PLV, add a declining dollar and we are still at AUD$170/tonne for PLV at today's prices!)

- I think BDO have valued Cockatoo at ~$11million in the report. From the Dec 23rd 2011 announcement is a fair assumption that the revenue PLV can expect from stage 4 (1.2MT) mining be around ~$AUD50million?

cheers
SuperTim