show me the money ! how big is the dividend ?, page-8

Hi Aka,

I posted this last September following my site visit. The tonnages pretty much matches your revenue numbers.

"For what its worth this is my take on Las Minerale. After viewing the 5" PQ core last week and seeing with my own eyes the amount of NCu it contained (i estimated 20- 30% visible cu nuggets) in some sections. I've looked back over all the information and drill results for LM.

Remember the images of the supergene zone with the blue and purple colours (20-100% cu). I think the highest grade reported was 58% cu. So if I focus on the 800m zone where you had consistent 2%,4%, 5%,10%,15% grades then using a depth of 220m, width 35m, sg 2.8, my calcs come up with 17,248,000 MT.
I believe the average grade to be at least 3% cu giving a total of 517,440 tonnes of copper in this 800 zone.

If I focus on the really high grade bonanza zone which is around 150m long and only look at 50m long blocks, then my calcs would be 50m(l) x 35m (w) x 300m (d) x 2.8sg = 1,470,000 MT and using an average grade of 4% then I get 58,800 tonnes of copper.
So if they focused on an area like this initially with a strip ratio of 3 then they could mine 117,600 tonnes of copper in one year.
As I've said after looking at all the information released including the recent metallurgy (this has helped me decide on av 4% grade in start-up zone as the plant design is based on these results) and viewing the wider PQ core I'm convinced theres something wrong with the way the resource has been done.

By the way I haven't factored in the 'RC drilling anomaly' which I'm also convinced has resulted in under reporting of NCu. As far as I'm concerned theres no way no way an RC drill has fully captured the extent of NCu zones. 82% of the 270,000m drilled has been RC."