proven reserves of v2o5 to increase, page-4

There is no such thing as a "proven" Ore Reserve under the JORC criteria.

The correct terminolgy for Ore Reserves is "Proved" or "Probable". Both categories of ore reserve are suitable for inclusion in a Bankable Feasibility Study. Any Ore Reserve, as it is reported could be considered to be "proven".

Balla Balla has the largest Ore Reserve in Australia. It has been "proven" that Balla Balla has a significantly larger Ore Reserve than Windimurra.

The statements that come out of PMA are quite alarming. If Balla Balla has been proven to contain the largest Ore Reserve in Australia, then it is amazing that Windimurra can claim to have proven the largest Ore Reserve in the World.

It is hardly surprising really. These types of statements by PMA are from the same director who had his bum kicked for misleading investors previously.

It is highly improbable that Windimurra can be in production by 2007. We have yet to see evidence that the processing problems associated with Windimurra oxide have been solved. New plant designs cannot be done without this. The environmental approvals process is quite rigorous, and it is unlikey that this can be simply "reinstated". AXO have nearly a year's head start on the approvals process.

The Balla Balla titanomagnetite Mineral Resource contains an enormous amount of vanadium - for some reason AXO have not seen fit to report this as a Vanadium Mineral Resource, despite the vanadium grade in the titanomagnetite being greater than 0.6%.

PMA should finish the rehabilitation of the Windimurra site and stop trying to flog a dead horse. With 45 million dollars in the tin they can afford to buy a better project.