11 cents, would still be cheapest REE, page-25

Amigo, the largest gold producer in Australia is Newcrest's Cadia deposit near Orange NSW. Its grades of gold are not that flash (av. of about 0.8 g/ton from memory but I could be a bit off). However it also has some copper and it is a huge porphyry with high consistency and ease of mining and processing. It has about 50 million oz of "low grade" gold. And because of its sheer size and bonus copper, it is a multi-decade resource that just keeps giving. The prospects that ARR hold at La Paz (and possibly at Wyoming) are very comparable to Cadia. La Paz is at surface and has only effectively been drilled to 30m and it is huge by any standards. Also its size was doubled by a recent aquisition of the neighbouring land and a trenching program which showed the mineralisation is consistent & continuous for both areas This extra area has not been included in the resoruce yet an neither has the scandium, which will be a bonus metal. So far La Paz has been categorised in terms of a US code - it hasn't got to the JORC stage, but plans to do that after drilling. Also, these two propsects of ARR have not been drilled by ARR - La Paz will have a drilling program later this quarter. So there is plenty of upside for discovery at La Paz. Meanwhile not much is known about the Wyoming deposit, except that it appears to be large and that it outcrops with allanite, which is at a much higher grade than La Paz - plenty of discovering to do. There are no penalty radioactive elements to cause the environmental hazards that occur with many other rare earth deposits. Metallurgical testing of La Paz's ore has shown the allanite (which holds the rare earths) can be concentrated by simple industry methods and there have been no problems for acid leach as far as I know. It will be an interesting day today.