total revenue for rocklands $us17.8 billion, page-68

RNF, 'fraid not.

1) the Measured and Indicated resource on page one doesn’t agree with the JORC. Page 3 of MA’s statement gives the data which gives a CuEq of 1.86%, not 1.90%. Bearing in mind that the previous JORC was 1.70%, the true increase in the JORC is 9.4%, not 11.8% (a 25% difference). Applying the calculated figure of 1.86% to the 30Mt gives you a total of 1.2 billion pounds CuEq or, if you want to remain consistent with the previous JORC, 1.25 billion lbs (rounded up from 1.2499).

2) The increase of 0.16% comprises .087% magnetite, .07% copper and the balance Au/Co. 54% of the increase in the JORC is magnetite.

3) When we look at the magnetite numbers, we are told that “*Fe grades based on average of results from 2013 DTR programme – see resource notes for full details”. The resource notes do not contain full details – in fact they don’t contain any details of Fe grades other than the most basic for the JORC.

4) This is basically a magnetite report. Therefore to be meaningful I think there should be much more detail on the magnetite. The fact that MA have called to our attention that the calibration of the three DTR instruments used for calculating the magnetite grades needs further investigation is also a concern. How accurate is the magnetite resource?

So no, this hasn’t changed my mind. I said before the JORC was produced that there wouldn’t be any significant change because they hadn’t had any significant drill results since the 2011 JORC – apart from the mag. it is virtually the same. Actually, that is incorrect. Because I said that after the JORC was produced on the 9th November. And no, I hadn’t seen it!

As for all the sites with potential, they were there back in 2011. DODH392 seems to have eliminated one prospect after a couple of price sensitive announcements singing its praises – see 9/1/12 announcement: 133.4m of visible sulphide mineralization, large IOCG style geophysical anomaly, Ernest Henry style formation, potentially large copper system, now a dedicated exploration target commencing early 2012 etc. etc. All potential, no substance, with the assays coming in at 123m with 0.09%Cu. So I’m not impressed by “potential” or hints of “ten times the JORC copper” or anything like that. It’s the results that count, and for me there is nothing in this JORC to astound.