Ann: Interim Results from Ongoing Metallurgical Testwork, page-7

The disclaimer that CYY added in the ASX release about the preliminary mining studies is a requirement under JORC because they do not yet have indicated mineral resources. If you are talking about mining studies and you don't have an indicated resource then you have to add in the disclaimer, therefore its not positive or negative, its just a JORC requirement.

The met work looks what you expect from copper mineralisation which is predominately chalcopyrite. These such deposits usually produce copper concentrates going between 23-26% Cu. Therefore, the met work is a positive.

The big issue with todays release is what they did not say in the announcement. On their diagrams they show open pit outlines and they talk about determining how much of the deposits would be open pittable. To do this work they must have a mineral resource model. You need a mineral resource model to run the open pit optimisations they talk about in the ASX release. The question is if they have a mineral resource for the project why has it not been announced? It would be a material bit of information and yet its not been released. Why? The usual sequence of events is drilling, put a resource together, announce it, do a scoping study and then announce the results of the mining scoping study. CYY have not yet announced the mineral resource, unless I am really missing something? My bet is they are going to get pulled up by the ASX and questioned on this release. It will be interesting to see what happens.

I seem to recall they were targeting a mineral resource of >3Mt. I am still sitting on the fence until the resource is released.