+ + data and comment + +, page-26

Post one of two.

TYC-TETHYAN COPPER COMPANY-operating in Pakistan:

http://www.tethyan.com/alliance_with_bhp/agreement_summary.phtml

This page refers the "H4 Starter Project" which is 100% owned by TYC and "the rest of the region" where BHP has clawback rights as explained. H4 has copper only:
http://www.tethyan.com/reko_diq_project/the_h4_project.phtml

The H4 work has been completed and a bankable feasibility study will be done in the middle of this year.
http://stocknessmonster.com/news-item?S=TYC&E=ASX&N=281597

Note that the 0.7% copper/tonne referred to, equates to US$ 20.02 or $A26/tonne (CU:$US1.30/lb and $A=0.77 US). The current copper price is $US1.50/lb. The latest recovery rate of copper is higher than 90% (Bio-heap leaching).
_____________________________________________

7 Oct 2004: Metallurgical studies and a summary of Indicated and Referred Resources:
http://stocknessmonster.com/news-item?S=TYC&E=ASX&N=271361

Extract: Indicated Resource (H4 Project) 126.3 million tonnes @ 0.7% copper (0.3% copper cut-off)
Inferred Resource (Western Porphyries) 729 million tonnes @ 0.64% copper & 0.39g/t gold (0.5% copper cut-off)

22 Sept 2004: Open Briefing Tethyan Exploiting Resource Base:
http://stocknessmonster.com/news-item?S=TYC&E=ASX&N=269894

Extract: The Western Porphyries are fundamentally different to the H4 Project in that the mineralisation is chalcopyrite which is not amenable to heap leaching. These are copper-gold systems where we plan to produce a concentrate which we would truck, rail or ship to a smelter.

The issue that drives the economies of these projects is the scale of production. It will be a high-capital, high-value and very long life project. If we produce 200,000 tonnes of copper metal in Metallurgical studies and a summary of Indicated and oncentrate per annum, then we’d be moving upwards of 800,000 tonnes of concentrate per annum.

We would truck that to the new port of Gwadar on the Balochistan coast, or rail it to Karachi – there is a railway line only 30km south of the project. From the ports we have access to the global copper market.

We don’t see any major obstacles in the ultimate development of the Western Porphyries, although it will require a large amount of capital.

BHP Billiton retains a claw-back right which they can exercise if the project has an in-ground value of greater than US$2.5 billion. Essentially, if exercised, BHP Billiton would have to repay us 310% of all our non-H4 exploration up to that point, and that would get them 70% of our interest, and we would then be in a 70:30 JV with BHP Billiton, with Tethyan free carried to the start of a Bankable Feasibility Study.

The claw-back can only be exercised on a project-by-project basis. In other words they can’t clawback an entire Licence, for example. So if BHP Billiton clawed back into one project, we would take the money and continue with the others.

Comment: Drilling is proceeding in the rest of the region. Additional tonnage has not been included (Examples Sam Koh, Hoh Dalil) and therefore a large tonnage will be added in 2005. The BHP Clawback rights do not refer to the H4 project but do apply to anything else including the Western Porphyries.

19 Jan. 2005:
"Water rights have been granted over an area of approximately 20 square kilometres along the Tahlab River Valley some 55 km from the mine site.

The pipeline route has been surveyed and an environmental study
has been completed along the pipeline corridor, with no environmental issues identified. Two test bores have been completed to depths of 225 metres and 250 metres respectively.

The aquifer has been intersected in both test bores, as expected, from 50 metres depth to the end of each hole. The first production bore is currently being drilled, and this will be used to conduct pump-out tests for the mine water supply".

++++++++++++++++++++++++++++++++++++

SOME COMPARISONS OF PORPHYRIES (Casey: Rocks containing conspicuous phenocrysts in a fine-grained or aphanitic groundmass). These deposits have massive tonnages:

TYC's Western porphyries: 0.64% copper & 0.39 g/t gold

NNO.TSX deposit has 0.4% copper, 0.23 gr/t gold and 0.037% Molyb.

Alumbrera has 0.48% copper and 0.53 grams gold/t:

MDN.TSX (CAN$5.17) massive Prebble deposit has 0.3 gr/t of gold, 0.27% copper and 1.15% Molyb-It is still working on minor items and permitting.

NCM.ASX Telfer's deposit has 1.4 gr/t gold and 0.2% copper; mining has commenced.

NG.TSX 285 mill tonnes Galore Creek has 0.44 gr/t of gold, 5.7 gr of silver and 0.73 % copper

Gerry

Holds TYC.

Readers, please do your own research and you decide if and when to buy, hold or sell any stocks.

TYC has 110.5 mill shares; Unlisted Options: 26.775 mill (Oct. 2005-2009).