new jorc, page-16

Hi Owen,

Xstrata Copper's involvement in the exploration is music to my ears!!

A massive mining gorilla with deep, deep industry relationships working lock step with AVB. Better even than a JORC upgrade.

Agree with K et al, 1mt is in the bag.

Also time to update my in situ val:

copper 689.5kt @ $240/t (3% of spot) = 12cps
gold 590k/oz @ $51/oz (3% of spot) = 2.5cps
cash $7.5m = 0.5cps
vale/nickel/upside/blue sky etc = nil

So this should be trading, now, today @ 15cps based on these exceptionally conservative, 3% spot in situ numbers!!!

Once the market starts valuing this as a DCF, watch out the SP. Btw, @ 1mt cu, 885koz au, this is 22c!! That is leverage to the drill.

Good luck, DYOR/IMO, get excited ...