appoints same group as oxr and pna, page-4

The low grades of this one worries me. The QuLong grades are shown as only 0.5-0.59% Cu (with the higher grades at depth) and Au is present in some holes (ZK001 and 002 with a max 0.21g/t) and below detection in others (ZK003, 801, 1101. Data from slide 13.

Mines in Tibet such as YuLong have a 300mt enriched zone with grades of 2% Cu + 0.3g/t Au. Xie Tong has 1% Cu and 0.49g/t Au. Data from slide 5.

You need higher grades at the start to take advantage of current higher prices as well as to have fast pay back costs. With everyone and his dog who has a copper mine or prospect ramping up production, they will need to be able to survive at a Cu price of less than 0.80c/lb in a few years and I just don't see it at these grades and this location. Hopefully the adit will show better grades than the drilling did.

You also cannot compare these with deposits like Grasberg, G has much, much better grades, the mill and infrastructure has been paid off and the topography means that it can be block caved.

Source: ORC report Exploration The Last Frontier, dated 24 Feb

G