target 4.7billion ton hm, blue sky potential, page-17

Further, with start ups, there are funding issues, delays, licences to apply for, permits etc.

It's a downside minefield.

I just went through all of this with a small gold producer I currently hold. Never again will I buy an explorer during their transition to producer. Never.

MZI is different for the reasons I stated in my last post plus they have the deal with Doral which will wipe $20m off the CAPEX for Keysbrook plus cash from the LB production to further fund CAPEX for Keysbrook. Doral have over 10 years experience in producing Zircon/Rutile and are likely to take a 15% interest in MZI so they have a vested interest in this going well.

Add in the second kilmiraka mine of similar size to Keysbrook that comes online the year after and we're talking serious dollars - even IF Zircon/Rutile were to come back to $1500 per tonne.