current status?, page-28

Hey Parmasplat,

Highlights for me were;

- At least $100 million in savings from quoted Process plant cost of $437 million in PFS.

- JTC delegation will be in Melbourne next week (dining at Nobu perhaps?) for further negoitiations with PLV management

- JTC were curious and recently asked PLV management why the PLV share price was falling post PFS release

- Tony is well aware he cant go to the markets for $$$ if/when funds get low. Spoke of 'hurt' money from JTC/interested parties (of course we all hope it doesnt get to this)

- CapEx will actually be in the mid $500's millions the JTC and other parties are well aware of this and this will be spelt out clearly in the DFS (assuming we will get to one) along with other savings ie. 2-3mm concentrate would give an OpEx in the high $50's/tonne due to reduced power costs.

- Stated his opinion that Cockatoo has the finest Ore in the world.

- Isthmus disappointing to date in amount of DSO, but approx 30MT there they can blend in with hardstaff. Holes to be drilled, difficult in comparison to hardstaff. Indicated isthmus resource will be in DFS.

- Native title to be officially signed on Monday

- Detailed PFS (400pg doc) to be sent to the JTC tomorrow.

- PLV spoke to large shareholders the morning of the PFS to spell out the realities of it (as per the powerpoint pack sent out to all). A large holder did/is selling out for tax purposes and unfortunately we (PLV) are it. Some other large holders have been nibbling but dont want to catch the falling knife so are awaiting stability and obviously a JV deal being announced prior to loading up.

- All WA miners have had costs blowouts due to the mining boom

- Tony obviously dissapointed with SP, and id say without question he has had a rough 2-3 weeks, we are all bleeding and im certainly pissed off with the situation im in with PLV right now. There was no backslapping in the room, no jokes or light banter from management, no direct apologies to shareholders. He seems genuingly shocked with were we're at, but fact is we're at 24c and they are putting all their efforts into getting the deal done.

- Sartori I 'didnt give it to the Showman', this was sarcasm from my old mate Parmasplat surely you picked up on that?

Finally I kind of read between the lines that the JTC represents or is involved with the same Japanese steel company(s) that take the Ore from Cockatoo and they want a continuous supply of high grade low impurity 67% ore so they can meet their end clients needs. I'm hoping its them and im hoping and praying they will sign up to a JV by end of July! As far as im concerned then all will be ok especially IF you are in for the long term..

Cheers
SuperTim