Ann: Quarterly Activities Report, page-16

Merv, your post says something about scale and its importance. In relation to a comparison for SPQ, I post a copy of some comments made by GeoFiji who is a geologist on another stock I hold when he was making a comparison with that stock which has been mentioned here before by others too. It puts a bit of perspective into the value of SPQ tenements with regard to scale and diversity.

"For those that are worried about grade in any of ................... copper deposits I suggest a look at the work Caravel is doing on its Definitive feasibility study on the Caravel copper project. I am also a bit old school and like to see high copper grade above 1% however many large mines around the world operate on far lower grades. There is always a trade off between tonnage and grade, lower grade you need more tonnes to get economies of scale to make things profitable and lower tonnes you need higher grade to deal with the higher mining costs and lesser economies of scale. Caravel is 150km NE of Perth. They are working on 25+ years producing 65,000tpa copper and 900tpa molybdenum. The astonishing part is that they believe the economics work on a 1.18 billion tonne orebody grading only 0.24% copper (over 2Mt Cu in ground). They are looking at 30Mtpa processing with a molybdenum circuit as well as the copper. Capex: AUD$1.7 billion. AISC US$2.07/lb. Payback 4.9 years.I am not an investor in Caravel and 0.24% Cu does not work for me because I would feel very vulnerable to copper price fluctuations but it shows how far the grade curve of the worlds copper mines has shifted and the low grade starting point the industry is beginning to consider."

Just food for thought when considering fundamental analysis and the future price of copper due to scarcity. I do not hold Caravel, nor does GeoFiji.