Ann: Maiden Indicated Mineral Resource Estimate at Sandy Mitchell, page-2

JORC Mineral Resource Estimate work done quickly, which is a great result for holders - now for the PEA to see what it is worth in the LT.

The incredible news though is that it is still only $7 mil M.Cap. with cash on hand (and the other projects waiting in the wings)

Its very difficult to estimate a PEA - but with

Current prices of rare earths

Commodity	Specification	Price in USD
PrNd mixed metal	Pr 25%, Nd 75% FOB China	64.0-65.0

And the resource table anned today saying 9100 tonnes LREO -- you get a mined and processed value estimate of those metals alone of USD580 mil.

Account it at in ground value of 5% gives a value of $US 29,000,000. For the LREO which I assume is mainly Pr and Nd.

Other REOs and heavy mineral sands adds value - but very importantly the area represented in this resource is only 2.1 % of the anomaly. Hence the importance of phase 2 drilling results due soon. (and further expansion)

Keen to hear other's take on this matter - I have to insist on IMO and e&oe.

Cheers.