Ann: Mount Morgan Project Update and Option Extension, page-3

Agreed...more delays...but some good news too (which sets CRB up as different to the fiasco which was Panterra where trial tests proved hopelessly wrong on so many counts).

* Demonstration plant 50% trialled and performing well
* Likely greater efficiency, recoveries and cost reductions from copper resin and pyrite flotation circuits
* More certainty in final EA Amendment Approval - likely Q4 2017 - with the final area to be thrashed out being water into the Dee river which may be covered under the 2016 arrangement, so presumably a rubber stamp.

If this were cricket, that's three good balls....the fourth was the bad ball!

The Raging Bull/Norton farce has been kicked down the road by some six months. This seems problematic to me and it needs greater clarification. Sure, it makes sense if CRB extends its option if Raging Bull cannot deliver...but silence on the Norton front. Unless we have certainty on that right-to-mine agreement we have NOTHING.

One of the notes to the half yearly accounts suggest there are only two conditions left to satisfy the right to mine...and they are fairly straight forward:

(1) payment to Norton of $2 million on completion of a capital raising to fund the project development
(2) a final payment to Norton of a total $13millionvia 20% of the annual net earnings from operations of the Project.

Why cannot we have some certainty "subject to existing conditions been met" In the absence of clarity, the market will see spooks behind every shadow.