Ann: Drilling Expands Cu-Au Footprint at Kanmantoo Underground, page-55

HI M.

There is every chance that the ore bodies could extend to far greater depth than the 200m below the bottom of the giant pit that is talked about in the stage 1 and 2 Exploration targets.

To keep us in suspense of what lies ahead the exploration target is not reported in its two stage components.

My guess is stage one is the whole of the 200m Central, East and West Kavanagh targets and about 30 % of the 450m Nugent target. Which would be a target of 2.6 to 5.3m tonnes. at average cu eq grades in the range of 1.85% to 2.52%

I look forward to being proven wrong with my guesstimate of stage one delivering 2mt at 1.64% cu equivalent.

Even if I'm right its still a lot of metal at grades that should deliver decent cash surpluses and profits. We are of course only scratching the surface of what could be found when we start to look at greater depths once an established UG mine is operating.