Ann: Mount Gunson Copper Prelim Feasibility Study, page-8

re: Ann: Mount Gunson Copper Prelim Feasibili... Gallaghmc,

Your right in all you say, and maybe I have been touched by the conservative nature of our directors. I was just pointing out that the operation to be truly worthwhile hinges on Windabaout, and I am now grateful that you have done the sums and pointed out the potential net value of windabout for all of us to see.

I suppose in simple terms if we multiply the $43M recovery from MG14 tenfold and assume the lower grades will discount any volume savings we come up with a clear profit of $430M. This potentially puts a value on GUN shares of $4.30 for this alone.

I hope it doesn't take as long as Cobourn to get of the ground!