new ocean equities report, page-4

http://www.niplats.com.au/display/index/investors-research

on the companies website:
?And 2011 is to be an ?Incredibly Large? Year for Speewah?s Vanadium
The Speewah tenements hold the largest vanadium deposit in Australia with a resource statement in Mar?10 of 3.16 billion
tonnes at 0.30% V205. While the market is placing little or no value on the asset, the qualities of which are World Class.
Speewah?s vanadium deposit is one of the world?s largest and highest quality titanomagnetite/vanadium deposits which is
somewhat overlooked by the market and we believe this could offer significant value in the future. The plan for 2011 is to
target an additional 2-5 bt as well as to increase the measured and indicated categories of the resource. The sheer size of the
resource of a conceptual 6bt (let alone the current 3bt) almost blows Speewah off the scale in comparison to other global
deposits (Exhibit 3).
Metallurgical testing has confirmed that the high tenor vanadium magnetite concentrate can successfully be processed into a
range of end products (9th Nov?10). As the deposit is very large there may be a range of users/investors/developers that
development could benefit. The Pyrometallurgical (Pig Iron) and Hydrometallurgical (Acid leach) tests have both delivered
initial vanadium recoveries that meet or exceed expected levels.
Speewah aims to continue with various detailed aspects of the vanadium project pre-feasibility study during 1Q?11. Further
de-risking of the project through environmental, heritage and mining lease permitting will continue while the Company
pursues the process for the sale/divestment of the asset and the Speewah will also will continue to promote the asset during
the course of 2011 until an agreement is completed.
Exhibit 3: Comparison of concentrate tenor, resource grade and tonnes for vanadium magnetite deposits ? Xstrata?s Rhovan
operation is the only currently operating mine on the chart with Barrambie and Balla Balla at the pre-feasibility stage and
Windimurra at the pre-construction stage.