Ann: Presentation to Noosa Mining Conference, page-9

Another misleading Hotcopper post.

WPG (the previous owners of Tarcoola) already mined out the pit at Tarcoola which had an average grade of over 3g/t, and sent all the ore for processing to the Challenger Mill. The 1g/t 'stockpile' that remains at Tarcoola is the low-grade uneconomic material that was not commercial for WPG to transport all the way (over 150km) to the Challenger mill, so they left it behind, and only transferred the higher grade material. Even then, restricting to the higher grade Tarcoola ore, WPG could not make it work, and they ended up going bankrupt.

So if WPG went bankrupt processing the 3g/t Tarcoola ore, with the benefit of a pre-existing operational mill (now moth-balled), it is frankly difficult to see how one could now make a profit from this remaining rejected material, which has 1/3 the grade of the previous attempt, and now without any operational mill, and without any scale. And if the grade is so low, and the quantity so small that it is not commercial, then unfortunately it is not worth anything. Which is also why it is still there, sitting on the ground.

So what does BOOM mean? Another ill-thought and misleading HotCopper posting going up in smoke? Or the sound of going Bang again?