Ann: Bendigo Assets Option Replaced With Right of, page-4

re: Ann: CYL: Bendigo Assets Option Replaced ... Hi RMV

Goldstone and CYL are it.

Can't recall the details but the holdings in CYL might be voided as a result of the termination of the agreement.

UML more or less flagged the cancellation earlier when they announced the treatment of the tailings (as this would have been included in the 'assets' of Bendigo and then further hinted at it when referencing the possible salvaging of the kangaroo falt plant for the the upcoming NSW project).

Pluses and minuses associated with this development with the major 'negative' being that CYL won't now cover the $8m in enviro bonds (already set aside by UML). Countering that however is the 'profit' from the trailings treatment (anywhere for $2 to $7m....let's say $4m) and the cost savings associated form the scavaging of the kangaroo flat plant.

A big plus could also be the bringing forward of the building timeline associated with the NSW mine.

Overall, I think this could be quite a big positive but we won't know till they release details of the study into the viability of recycling the plant.

Here's hoping it can be presented prior to the the AGM (and wouldn't it be great if they announced the 'official' death of the buyback and the timetable for the re-introduction of dividends).

Cheers