Ann: Trading Halt, page-16

My apologies - they did indeed go into a trading halt on the 10th Nov for the announcement on the 14th Nov for the 50m @ 1.32% Cu assays and in that same announcement were the pXRF results of 72m @ 1.5% Cu. As you say - all in the one announcement after a 3-4 day trading halt.

So the reconstruction of events would have been that the assays arrived and Ian Warland thought is there any other price-sensitive information we have on hand that would be material? and he got the pXRF results from the subsequent hole and realized that lab assays were going to be slow. We don't know if the lab assays arrived first or the portable XRF in that trading halt from the 10th-14th Nov but I would guess that they are both material to the share price and the company and the share price response to that was definitely material with a large volume traded and a big reaction in the share price.

I think that both the assay 50m at 1.32% Cu and the pXRF results of 72m @ 1.5% Cu are material myself and I was simply trying to suggest that in Ian Warland's head - these sorts of grades are considered material and justify a trading halt but at this junior end of the market in this early stage of drilling just about every drill hole is material - even a complete duster of 200m of absolutely nothing in an RC hole in the middle of Brumby Ridge could be considered material as it would imply a lack of geological continuity or unexpected complexity in the geometry and shape of the orebody. The reality is that dusters don't often come from trading halts as it pisses off the regulators and investors.

I think the subtext of the discussion might be that some people are invoking "the boy who cried wolf" analogy but until we get a series of trading halts and a series of announcements that we can compare and put on a share price graph its a bit early to dismiss CPM as an abuser of the trading halt mechanism or not.

The point also is that its early exploration days and drilling and its only after the passage of time that we can tell a genuine big discovery story apart from a more lifestyle 'pump & dump" Rampy-superlative company that promises a lot but delivers little but surprise capital raises after big share price jumps. In the long-term rearview mirror, the former share price chart can look very volatile and jumpy as different investors/traders make assessments about the merits of the exploration success and the latter loses its volatility and movement as investors and traders wake up to the rampy lifestyle-co serial abusers of trading halts and stop believing and tune out the abusers of trading halts.