Ann: Diamond Drilling to Commence at the Beecher Project, page-22

Its possible the 90m is wrong - not sure how one can tell the TW reliably when the company has not published sufficient information to properly assess TW but maybe I am wrong - I have seen situations (eg AZS) where a company has not been able to calculate the TW for some holes - it depends on how it hits the pegmatite and its direction and shape.

Re WC8 an interesting comparison - WC8 looks very fully valued at a MC of $520m or $670m including all options (many are well in the money) given the assays results to date show an average grade of about 0.80% with TW's which were reasonable but great. To date IR1 has better assay results - higher grade and thicker TWs but the MC is is 50% to 60% lower. I do not believe IR1 is under valued based on the limited assay results produced to date but that may change based on the next set of assays.