Ann: **anintha Mineral Resource , page-11

jonmeg,

Not sure if you have been keeping an eye on Vanadium prices but they have dropped but sales are just as profitable for Australian companies selling their ore overseas given the substantial devaluation of the Australian dollar against the US. I am sure you would be aware that most trade agreements are negotiated in US$ which is considered the international currency for imports and exports.

With a metal price recovery in say 12-18 months time it would be reasonable to assume YRR and any buyers / JV partners would be confident of higher returns at around the time that they have any mine / plant commissioned and up and running.

Also note that due to the nature of the deposit there will be a low strip ratio, easy access to the deposit and a large part of the ore body is suitable for direct shipping. Once the final drilling campaign is completed and they have infill drilled (and deeper than ever before) I also think we will see an even larger deposit - remember this deposit is still open at depth so drilling to 300M could well triple the size of the deposit...

Not only do I believe the deposit is commercial with credits for both Iron Ore and Titanium it rates higher than any other Vanadium resource in the world. Do you suppose all the other Vanadium producers will shut down and go home? - no don't think so - and if they do the price will rise due to lack of supply so win, win for YRR. With higher grades and credits for other metals you would have to think negotiating a contract would be somewhat easier then say a pure Vanadium miner with lower grades - if I was them I would be nervous on this news as their future negotiations could face tougher competition.

Regarding the Oppies - I agree that they could well expire worthless in November unless something is done to either extend them or they find a buyer (takeover is not out of the question here I believe) and I am sure YRR would like to see as many converted as possible to raise cash so it's in their best interests to see the price up well before then.

This is an exploration company that actually has a very good resource so whilst it's still a risk so is almost every other stock out there given the current market conditions - some will not be there in 12 months time however I think YRR will be.