race to the finish line, page-21

Borisdog,

It is the processes that are interesting and the cost of the processes. Your figures are right but perhaps misleading.

The way I percieve the process is the alluvium can be dug up and a primary process is conducted in field. This primary process is the wet process and a HMC is created. This HMC is > 35% TREO. So the alluvium is converted to HMC and the remaining spill is replaced back to the alluvium. The cost of this was estimated in one company presentation to be between $1.50 to $2.50 per tonne.

It is expected that between 40 and 66 tonnes of alluvium will be minned to produce the HMC. So a concentrate of >35% can be presented to a chemical processing plant for probably less than $200 a tonne. These costs need to be confirmed by the company.

So though as you suggested in a typical TREO resource the whole amount mined at the resource site will be presented to the chemical seperation plant this is not the case with CUX's resource. In a typical resource I can appreciate that a resource with such low grades as CUX's would be a problem but because of the 2 stage process planned to be used by CUX this is not the case.

The first staage of in field processing is what was used to get the concentrate sample, so it is tried and tested and I believe at best the processed material had a ratio of upto 57% TREO. It was these high grades of the concentrates that presented the problems for the labs and delay of the JORC resource.

The benefits of the unique nature of CUX's resource are not easily understood and that could be due to the explanation provided in CUX announcements.

So what needs to be considered is the CUX costs compared with the exploitation of other resources. The first cost how much will it cost other companies to bring enough ore for one tonne of TREO to a chemical processing plant, and in CUX's case this could be less that $200. The second cost is the cost to process that resoure if the resource has a grade of > 35% like CUX compared to anything up to 5% for other companies, remembering they will be in hard rock form and extracted from an open pit mine at best.

I hope this helps and if you took it I was making any negative assertions on your analytical skills, I apologise.

Check out the company presentations with what I have said in mind and I think you might be pleasantly suprised with the advantages CUX has. I don't think the reports are that easily read so I found listening to Geoff Eupene on BRR of great assistance.

I hope this post is of assistance Borisdog

Cheers