Ann: Two REE Trends Identified at West Arunta, page-319

At the end of the day the drill bit will determine success or failure. Everything before hand is just trading or posturing. The reality is that we probably won't see any results for 2 months so there will be swings. Those good enough will trade those swings. Doesn't take away from the companies potential value. Just because we are in West Arunta doesn't guarantee a strike but I would much prefer to be fishing in an area where the echo sounder has seen fish. If we can go anywhere near replication WA1 grades then Between $2 and $3 is on the cards so it is fair to think that the punters will be flooding in over the next few weeks. I would think a MC around $20m when drilling starts is reasonable. The market may agree or disagree. Drilling to start last week of Feb I believe.