excelsior we are away, page-6

Hi Pokerface

I know what you are saying, the MVT trend is quite big (20km long) and Manbarrum itself is only a small part of it. My numbers come from the old BHP/Delta/Aquitaine stuff, which defined a loose resource of about 20mt at 10% lead/zinc which wouldnt qualify under JORC these days. However it was diamond drilling and they have the collars, the old core and the sections so any geo could put it all together now. What I love about this play is that the geology is known and and so drill hole risk is low.

Remember Kagara Zinc was only a 20mt orebody, as was Ivernia (Magellan). Both have market caps in excess of $300m these days.

The best proxy for Manbarrum was Cadjebut, one of Western Metals' old operations in northern western australia. It was an operating underground mine which was extremely profitable until the zinc crash in 1997/8 which put WM out of business (hedging of course). The big difference is that Manbarrum will be a pit and a decline late in its life, which means economics are going to be a LOT better. I am very confident we will have a mine out this eventually.

As for BTV, I would buy more but I have sworn off bottom picking as you never know how low the fools will sell these sort of stocks down. When I see it turn up I will pile in.

Best of luck to everyone on board, I feel it is going to be an exciting time. We certainly deserve it after the last few months.