Ann: Carnaby Successfully Completes A$20M Placement, page-165

Chill people. What part of major new IOCG discovery do you not want be part of? New discoveries of significance are rare and take shareholders into new places most have not been before. This is not an incremental resource increase or a low grade marginal deposit. This will be high grade overall, much of it will be open pit depth and likely to be very profitable. We don't know how big this will get and we don't know how many more deposits will be located. I for one never expected Lady Fanny to produce such wide intersections and multiple parallel zones, with the grade outstanding from surface.

I suggest looking at the update from A1M this week to get a better feel for the economics of a smaller copper gold mine at Eloise east of Cloncurry. Their deposit plunges steeply whereas Nil Desperandum is looking like a less steep plunge. They have one mine and Carnaby will have Nil Desperandum, Lady Fanny, Mount Birnie, Duchess/Ivanhoe and likely several more. The CNB project is looking very strong as all deposits are high grade with mineralisation from surface or at very shallow depths. It is also looking more like a stand alone project rather than just a toll treatment proposition.

Enjoy a major discovery. I know I am.