Sitting duck, page-8

chrisCarter,

I hold IAU with the Kitumba Cu project in Zambia. The project contains 492kt of Cu (at a 1% lower cut-off grade). It has had two PFS (possibly three, I've forgotten now) and work on a DFS was suspended half way through. Last estimate of capital costs is US$433 million and below is a comparison I did a while ago of Kitumba's grades against the 10 best undeveloped copper opportunities by grade as determined by the Copper boffins at SFR.

The market currently values this deposit at $0 and in fact the company is trading below cash backing and there is a share buy-back in progress as a capital management measure. Still a happy holder though as I think we will see a pay day one day. If they can sell the project for a measly $20 million that's still a $1/share capital return. They've probably spent $100 million on it over the years (between BHP, Blackthorn and Intrepid) .

Many of these projects are just options on the Cu price. The Chinese are probably just trying to get a foot in the door for the day Dr Copper bounces back IMO.

P.S I think I remember you from the AGS thread. You were one poster with your head screwed on if my memory serves me correctly. If you recall my top end values for 4 mile ended up panning out pretty close to the mark, when others were calling for $1 plus. Pity I lost my nerve with the court case and only made a modest profit there. Should have held my nerve. Esh