Ann: Lake Torrens IOCG Project - Drilling Update, page-57

Chalice has 100% of its lease. Tasman has 100% of its lease at the moment. RIO saw the potential of Vulcan but left due to change in their priority. Now FMG have come in. If all goes well and results are good enough for FMG to proceed to 80% stake, then Vulcan will be a potential very big mine. The question then will be is 20% of Vulcan bigger then 100% of Chalice. We all know that forward valuation is hard. But Minorail should read my post and understand that the figures for TAS price were on basis that FMG had taken up 80% Vulcan and than asking TAS to proportionate contribute for further development of the mine. Only then will TAS have to do cap raising for development and share price will be very different. Some people don't read properly and than too quick with moderation button. Sheesh.