General discussion, page-12638

I sold my shares in ENR on open on Monday morning because they were disappointing. Yes there are some great numbers in there, but it all looks like some long thin dykes, so the great mineralisation will be nowhere near the 200m wide, which already shows in the results they have received.

From some of those best intersections at Green, just 80M to either the North or South (not both!!), the mineralisation is down to 2M at 2% at best..

The more I think of what's happening here at WA1, the more I'm considering that a smaller high graded plant will be the first objective, possibly mining a smaller core area of 3-4% grade for the first decade.

Think about it, the initial Mets are done on 4% mineralisation, which was deliberate, and assuming the blanket of mineralisation continues to produce great results, we could end up with a core of 5-15Mt of 4% plus ore (maybe more!!), which would be more than adequate for an initial 500k- 700k/a plant, which is much cheaper than a larger plant capital expense wise.

500k x 4% X 55% recovery is still 12,000t of Nb2O5, doesn't even cover the growth in the market between now and when the mine is operating, is no threat to CBMM so should still give maximum profit, then any expansion comes from internal funding with minimal dilution. Something like this would be the best approach for minimal dilution for a MD that wants to go mining.

The ENR ground with long thin ribbons of high grade would be of only limited value to our operation, and probably only later in an expansion phase, while also pretty much worthless to anyone else, on what they have found so far. we can wait and offer them a bit of scrip later on, but certainly no need to overpay...

If they found a decent deposit, then everything would be different, I'm just going off existing results...