is cdu 20% of the 20%?, page-13

"Read that only 5 of 100 explorers reach mining"

A few years back I remember seeing in Riot Tinto's reports a pyramid diagram showing at the bottom 100 greenfields exploration projects out of which only one became a mine. 1 in a 100 shot!!

Bear in mind though that Rio's projects are tier one where you are looking at high grade and 20 year plus mine life.

Nevertheless it goes to show the extremely high risk involved in exploration and more importantly the high risks associated with investment in explorers