Ann: Oropesa Tin Project - Mineral Resource Estimate, page-11

Sorry to be a damp squid guys. I am a new shareholder and came on board because I was attracted to the shallow tin deposit, all be it a deposit with a fairly skinny but open pit table grade. This new Resource statement , whilst on the face of it is great in that the Measured and Indicated tonnage categories has increased strongly, unfortunately the grade has come down very markedly - Measured grade is down 62% and the Indicated grade is down 28%. The cut of grade used in the estimations has been derived at pretty much the current spot price (i.e.US$35,000/t and LME is currently US$38,000/t) so there is not too much room for more upward revisions in the tonnage based on lowering the cut-off grade. My concern is that the grade of the deposit, even though it is open unable has been reduced so much and will therefore make the economic feasibility studies, which are yet to kick-off, very much more difficult to fly. Unless we can "high-grade" the mining in the early years I suspect the slow payback and lower NPV will make this a more difficult project to get into production. If the price comes off a bit from here I'll buy some more but I don't think today's share price strength on the back of this announcement is warranted.