Ann: New Serendipidade Cu-Au Prospect Identified at Salobo West, page-34

Hi Homebrand,

The canga outcrop looks interesting, there's a chance it's the top of an iron formation, and the bifs in this region get upgraded in tenor near surface as silica is leached out. Have to wait for the assays to see if there's low level copper too, but as always, only drilling will tell if the grades are interesting or not. Not much to say until the truth machine gets to site.

I do have one question regarding the new Serendipidade target though. Why did Anglo let it go?? I know it's in a National Forest, which could prove problematic regarding drilling permits and future developments, however I have no knowledge of Brazilian mining law. I can't see a major walking away from a target like that without a reason, so hopefully we will be enlightened regarding that.