cdu likelyup soon in senate inquiry into asic, page-68

When Rocklands was discovered and WM touted how big the potential was he was told to pipe down by the ASX as there was not enough drilling done for his claim to be acceptable under JORC. He had intercepts that showed him there was continuity in the orebody and his understanding of geology lead to his extrapolation of what he believed was there.

WM then drilled thoroughly to prove the resource up to a level that was acceptable under JORC code. The amount of RC drilling was greater than the amount of diamond core drilling and the pictures of native copper smashed into the drill bit of RC holes speaks volumes. The RC holes likely do not reflect the true grade of what lies in the ground with respect to native copper. All this has taken many years.

IMO opinion WM will validate his early claims when the grade being mined, processed and transported and sold comes in higher than the JORC estimates. As long as the process plant meets the recovery rates planned for and tested for in the pilot plant it should be happy days for holders.

WM surprised the market when Rocklands was discovered and I am expecting and looking forward to him providing further surprises in the near future. The next surprise will be the for the analysts in trying to estimate the true value of Rocklands. It is my view that there will be a lot more to come. When the cash flow starts I hope to see some deep holes drilled because at this stage this IOCG is still open at depth.

It is my view that the speculation will really become interesting when the grade is verified on results. Some companies have it go the other way for them and find the grade estimated is not there. It does not look like this will be the case for Rocklands.

I imagine WM will be looking forward to questions from the media scrum about grades being better than expected when sales start in contrast to the questions asked after the project was discovered. Good luck to all holders.