Ann: Carbine to acquire the Muchea West Silica Sand Project, page-8

Admittedly there are only 82 holes dug - but my interpretation from what information was provided is that they have encountered at the depth they sampled not less than 99% clear white Silica sand in each of the samples. Silica sand is highly sought after and there is an increasing demand and at the purity of what I am assuming is clear white it will require very little processing. They have 102sq km lease and the current exploration area is only a small component of what they have - the likelihood of further exploration extending the resource while not guaranteed is significant.

Is the acquisition worth the price? - only time will tell but as a existing CRB shareholder stuck in a company with no projects and dwindling cash resources for me Cranston has achieved a lot for existing shareholders in securing this project. The vendors have taken no cash but shares and options (aside from $500k to pay out existing creditors) so clearly they have faith in the future of the lease. The CR has been targeted at a drilling program aimed at improving the resource which given the geology of the area has reasonable prospects of success.

Given the relatively low capital commitment to exploit the white silica at the purity currently indicated and the shallow nature of the resource identified in the current drill results you would the capital costs of getting mining underway and product ready to ship will not be significant in the grand scheme of things and certainly less than say the Cockatoo project they were previously pursuing.

Hopefully the strategy of the BOD is to firm up the resource in the current drilling area, plan a mining operation, secure a market to start generating some revenue while proceeding to further explore the lease.