Ann: New Mutooroo Cobalt Resource, page-2

To put this new cobalt and gold Inferred JORC Mineral Resource into $ terms:

	Column 1	Column 2	Column 3	Column 4	Column 5
1
2
3
4	COBALT JORC MINERAL RESOURCES	Old	New
5		Cobalt tonnes	Cobalt tonnes	Delta	Increase (%)
6	Mutooroo - sulphide	8,200	20,000	11,800	144%
7
8	Mutooroo - all	8,400	20,200	11,800	140%
9	Kalkaroo - all	23,200	23,200	-
10	TOTAL HAVILAH PROJECTS	31,600	43,400	11,800	37%
11				-
12
13
14	Cobalt spot A$ tonne	AUD 42,500	AUD 42,500	AUD 42,500
15
16
17	Mutooroo - all	AUD 357,000,000	AUD 858,500,000	AUD 501,500,000	140%
18	Kalkaroo - all	AUD 986,000,000	AUD 986,000,000
19	COBALT IN GROUND VALUE A$	AUD 1,343,000,000	AUD 1,844,500,000		37%
20
21
22
23
24	GOLD JORC MINERAL RESOURCES	Old	New
25		Gold ounces	Gold ounces	Delta	Increase (%)
26	Mutooroo - sulphide	43,100	80,600	37,500	87%
27
28	Mutooroo - all	44,600	82,100	37,500	84%
29	Kalkaroo - all	3,104,800	3,104,800	-
30	TOTAL HAVILAH PROJECTS	3,149,400	3,186,900	37,500	1%
31				-
32
33
34	Gold spot A$ ounce	AUD 2,474	AUD 2,474	AUD 2,474
35
36
37	Mutooroo - all	AUD 110,340,400	AUD 203,115,400	AUD 92,775,000	84%
38	Kalkaroo - all	AUD 7,681,275,200	AUD 7,681,275,200
39	GOLD IN GROUND VALUE A$	AUD 7,791,615,600	AUD 7,884,390,600		1%

The economics of Mutooroo as an open pit, and later as an underground, mining operation are underpinned by comparatively high grades of copper (1.53%) in the sulphide ore.

Any revenues from by-product cobalt, gold and sulphur can substantially improve returns from the Mutooroo project.

In the 18 October 2010 ASX Media Release, it was indicated there are an estimated 2.5 million tonnes of sulphur as part of the Mutooroo sulphide resource.

Cheers

These are only my thoughts and it does not constitute investment advice. Before acting on any information you read and before making any financial or investment decisions, you should always consult your advisor(s) or other relevant professional experts.