chart analysis and price targets, page-18

Kingrichard,

I am just wondering if it would be for the Phase 1 & 2 of the Mitchell South Plateau project as they did mention a wide area drilling reconnaissance in the January Quarterly for the field season 2008.

Just the other thing to note, in the original JV, UMC did state:

"UMC is confident of maintaining its 25% share despite the project's very large size potential with estimated multi-billion dollar capital requirements."

I would expect a big drain on funds especially if they are wanting to fast track the project to capture the expected increase in Bauxite prices over the next few years.

Thanfully, Hydro are wearing the greater burden of the Feasibility Studies once they get to that point.

Cheers markco2