Ann: Becoming a substantial holder, page-87

MRD core drilled to verify mineralisation from historical air-core holes and to acquire core for metallurgical and geotechnical testing. Management of MRD believes the rare earths grades encountered at Mount Ridley to date are comparable to the Makuutu resource in Uganda, operated by ASX-listed Ionic Rare Earths.

Western Australia is one of the world's richest REE deposits and other significant REE deposits

Based on the clusters of existing drill holes with REE results available, the project has been grouped into five exploration prospects. They are Winston’s (2.6km long and 1km wide), the Lake (3km by 1.6km), Keith’s (2km by 1km), Tyrrell’s and Marcellus.

More than 20 samples returned impressive values over >1,000 ppm TREO. Mineralisation remains open in all directions with a peak value so far at the ‘Keith’s’ prospect with 10,461ppm (1.05%) from 23m downhole.

Early results compare favourably to Ionic Rare Earths’ (ASX:IXR) Makuutu resource in Uganda which is similar to the southern China ionic clay-type deposits, which are the cheapest and most readily accessible source of heavy Rare Earth Oxides (HREO) and are extracted through rudimentary mining and processing methods

Based on this information MRD has to have found REE deposits, its too significant to ignore