i hope it is not ozl!!!, page-21

Wal,
Nowhere have I seen any data on the size of the resource or the reserve for Rocklands for CDU. I see lots of publication of drilling results, with Copper grades that are excellent, but that needs to be put into context. there is no point in having 8% Cu in 1% of the mine site. You need an average of Copper for the whole mining area. On the surface it looks good, but the company does not have the cash to develop the resource and it may find it difficult to get a bank loan. In reading the presentations, there is not a huge amount of financial data, there are lots of pictures of drill holes and "pretty coloured slides of what is there" but few facts. Maybe I am being a bit harsh. It could be a great resource and getting in on the ground floor could be brilliant. But you could also get burnt (Look at CopperCo - it had a mine near there and went broke - it can happen. Look at OZL - we were very lucky, but am a shell of our former self.) It will just take a second wave of financial jitters,(Eastern Europe going broke or American jobless rate continuing to rise or war with N Korea or California going bankrupt or ....) and Cudeco may find itself friendless and needing a partner with cash.

HT1