trading pattern, page-34

Hi Dani,

Not worried about the final tonnes. These are the concerns I have regarding how 'real' UMC is:

1. Can they dig it out economically? Even 2Mtpa could lead to an annual profit which is bigger than the current market cap. If there was only 50Mt of 'high' grade you've got a 25 year mine life, $400million of cashflow per year, and many options for expansion.

2. Will the government let them truck up the Great Northern Highway?


The Scoping Study, and Pre-Feasibility study will clarify these points. The JORC inferred resource is just a matter of time. I like the fact the directors are doing everything they can to get this up and running as quickly as possible.


Joel