rabbits out of hats, page-29

I don't really follow this one but IMO caution should be taken with AGM preso. Specifically, who of you are concerned with the Project Developemnt slide NPV cal of $1.45B?

The only thing they go right was the 12% discount factor and the disclaimer "Significant qualifications and assumptions underlie the Model" the rest is almost a misrepresentation:

- Realised price (needs a stress case)
- No CPI in op-ex
- No cap-ex for FY09 or FY10
- 100% ownership of project cash flow

Grades and potential is good but there are plenty in same row boat sitting out in the desert without an ore.