Ann: Full Year Statutory Accounts, page-66

Chand

Nice summary because many here are under the belief that of the $45 million drawn down only $9.2 million remains. These figures are for a full year which are 2 months old and not the current cash position of the company. The $9.231 million is the exact cash position from the last quarterly and not what remains of $45 million.

I also noticed that a couple of posters were alluding to that there was only $8.7 million worth of copper in the stockpiles rather than the final product value of close to $88 million @ $7000 per tonne. I've been waiting for the mining costs for some time and ecstatic that they are 31.5 cents per pound. I believe from my research the transport and handling costs per pound for a 25% Cu concentrate from Rocklands to China will be about 28 cents per pound (road), TC/RC of 11 cents per pound, Admin costs of 15 cents per pound (guess) and a estimate of 50 cents per pound production costs giving us total C1 costs of $1.35 per pound. $1.80 per pound profit before tax if we can produce 45 000 tonne for a full year would be $178 million before tax and write off's which suits me fine. Anyway if others wish to use of calculations go right ahead but it wont change the fact that a big portion of the C1 costs (mining) associated with the stockpiles has already been paid for.