Ann: Response to ASX Query, page-105

As I'm mentioned as a culprit about hiding the fact of the big Jorc -a factthat that so fortunately 'spooked" BOC that he was able to sell at the last SP top- let me say a few things.

1. IMO talking to BB he is a no nonsense straight-shooter guy who tells it as it is, without any RA RA promotion.
2. IMO he keeps his cards pretty close to his chest -just as he should as a public company director who is in charge of price sensetive information .
3. IMO he does not want to say things that can be seen as promotional or over-optimistic in case such things do not come to pass- even if he thinks it may come to pass.
4. RE The jorc - he knew there was both a big inferred and good indicated, (i think he said to me -and others -he expected around 15-20 mill confirmed target and possible 80 mill exploration target -which is what I myself reported here on HC-to be straight - and also not to raise hype/hopes too much- BB then explained very clearly at the meeting in Phuket just after The JORC Ann when asked that he really had no idea about how the independent experts would actually quantify/or combine both measures before they actually did it. he himself was also very pleasantly surprised to the upside they way they quantified it as per their rules.
5. IMO the same is true now of the SS, IMO he has a good indiction that this is going to come up very viable at current CO prices but he cannot say that directly to me or others incase it doesnt after independent experts work on it- he cant be responsible for overhyping- Either morally or legally.
6. For example his words to me and others re-SS in Phuket when we pressed him on it were "I honestly cant say any more about the scoping study yet as not all the figures are calculated and in. So if I have 2+4+?+7+? it equals ? right? -so I really cant say right now.
7. but IMO from reading between the lines on what he says IMO - I think he reckons Capex will be comparatively very low I'm personally (and maybe optimistically) guessing myself less than USD 200 mill for a 3 mill + ton plant and with the new separation techiniques hopefuly an opex of less than 40,000 USD a ton. BUT AGAIN THATS JUST MY OWN BEST OPINION AND IM LONG AND BULLISH AND TALKING MY BOOK.-THis is not BB's words or official.

therefore if as it seems the big DRC mines can only produce C0 metal viably at 27 per Lb cost (60,000 USD a ton) as has been inferred by researchers as posted -IMO CLA should be able to clip 20,000 USD a ton profit just off the cobalt.

So add in the Cu and Zinc credits -take off for taxes/payability/ recovery etc..and a 3MTPA plant makes this current share price look unbelievably stupid cheap. SL mate are you still around to remind us of the actual numbers with one of your whizz-bang charts- lest we forget over time..

again this is all IMO -its why Im not selling and buying more down here and very comfortable holding LT.

lets just hope I'm right woof woof!!