Ann: Recent Drilling Intersects High-Grade Copper, page-127

I also want to correct something I said or at least add nuance it.

I said the big boys Glencore, Traigufura, Bhp and the like, are not going to invest in new production untill they know the Cu price will be USD$5.50 to $6.00 so they know they will get their money back.

After thinking about what the head of perennial resources answers to my questions that Capital intensity/ lb of Cu for those companies is of the order of $20-25,000/ lb and it takes 12 to 15 years to get them working so they have no idea of the price then. So they M & A other ones.

That has to make the supply-demand situation worse with virtually no greenfield exploration from anyone big or small. You can see how we've been punished for trying it. So that USD$5.50/lb to $6.00/lb will come about quicker and the more nimble small to midsize companies will merge and co.'s- like NWC get finance reform less conventional financiers Like private equity. Especially since it's a small bite with our capital intensity only being $9,000/T Cu. As Baltsar says you can see it on "the investment clock", happening and I see already happening in gold.

All IMVHO.