77 sunset strip, page-14

vivonne

It's very difficult to come up with an average Fe grade so the 77Mt iccludes grade between Iron Enrichment (40 ~ 50% Fe) to High grade (plus 60% Fe).

There is the potential to discover more high grade at depth and part of this will be known in Dec when the rest of the samples are tested.

Hole UI031 which was drilled to 70m and not tested in the first round has the potential to literally change the PROFILE of the ENTIRE DEPTH.

Hole UI033 which incl 5m @ 64.1% Fe needs to be drilled deeper, since it is open at depth. Bear in mind that the deepest section of the hole returned that grade of 64.1% and if dry drilled, the Fe level should return a level of between 65.1% to 65.5%

Now I could talk all day about UMC's drilling report but I do not see the benefit since the report is there to be viewed and intrepreted by all.

What I will say is how the #%$* did Cazaly come up with 219Mt for Shovelanna based on rock chip samples, yet UMC drilled 6.3 kilometers for 193 holes and we got sweet #%$* all.

I mean to say Cazaly said 219Mt not 200Mt nor 210Mt nor 220Mt. Just amazing how specific they were and all that tonnage based on rock chip samples.