Ann: Significant New Copper Intercept at Mallee Bull, page-151

"I tend to think its more a case of the market so far not seeing sufficient reserves to justify a significant rerating"

That's exactly what I said before. 500-800m depth, grades are good, but you really need at least double to 8mt @ 3% copper equivalent to get a fair valuation.

IMHO I think they should 100% focus on shallow zinc and lead (T1-T3). You got 5-20% zinc + 5-20% lead + other minerals at shallow depth. I really want to see T1 get mined by 2017.

Latest research report (see PEX website) valued T1 around $500m+ revenue.

OPEX should be extremely low (open pit and very high grades). IMHO this should give us about $100m+ (been 50% JV) net profit after tax (ie about $1/share cash backing plus other projects to add value).

Just IMHO