Ann: Positive Results from Berenguela Metallurgical Tests, page-30

USD 3.5 billion without the Manganese...add it in and see where that takes the valuation figure.... seriously undervalued in my book.

I loaded up last year at an average of 0.7 cents and bumped it all into my SMSF.

Now, its unbelievable we are almost at pre drilling prices and I have picked up more before the next round of drilling starts. My view on the project has not changed and now it is just a case of waiting.

My estimate model is also in the range 10-15 bags (11.9 - 17.8 cents without the Mn), so not an unreasonable range in my opinion.