Ann: Chairman's Rocklands Progress Report , page-51

Not sure what this is all about - can anyone here post me a link to a similar co. that has published its budget to the plebs and armchair accountants?"

Wallsie most mining companies undertake a PFS ( pre feasablity study ) after initial drill success to determine if the minerals are likely to be able to be removed from the ground and sold at higher price than what it is going to cost to extract it.

These PFS numbers can be usefull but can also be way out in real terms as the mine comisioning can be years later ( in CDU'S case 7 years ) after the initail PFS.

PLV ( Pluton resources ) did a PFS for its Irvine deposit that " estimated " a ball park cost of $350m - The next stage is either a DFS ( definative feasablity study ) if you wish to obtain funds by way of placements or offtake agreements or a BFS ( bank feasability study ) which is more onerous if you wish to borrow funds from a bank.

In PLV,s case the $350m capex number blew out to $700m and the share price was decimated.

I agree with TV105 to say you are $16m , $50m or whatever number under budget is meaningless when you have not published a DFS - we know we dont need a BFS as the $$$ have been raised through placements .

Obviusly the 3 cornerstine investors have deemed the project to be profitable despite the fact that there has been no published to DFS to prove this will be the case.

Im not saying its blind faith , but it certainly is faith to put your $$$ in to a mining comany without a DFS.

Hoot