Ann: Results of Annual General Meeting , page-14

stantrent I don't want to turn this into a saga ...but page 19 of the Scoping Study PDF does list the Cu Eq resource at .36% of 88Mt.

I also have seen the .34% elsewhere.

Either way they are both very different to "88mln tons copper @ 0.11%, by itself not viable."

Anyway ...all that is comparative trivia ...the real issue (as you have pointed out) is that the market reaction has not been positive.

One of the issues facing this deposit is because of the volatility of TREEYO prices ...there will be a huge safety margin built in to the profit side ...as well as the other ratios such as copper price and exchange rate.

If we start to see our TREEYO basket price go over $100/kg again ...that will add a whole new dimension to the deposit.

I'm guessing that we also have magnetite available as a byproduct ...it's making a big difference at Ernest Henry -perhaps it's not in big enough quantities.

The other elephant in the room is the fact that Milo is a dead set certainty to become much bigger than the amount currently explored.

If we look at page 6 of investor roadshow PDF, you will see the picture titles "Massive Breccia Outcrop at Milo" ...that is the Milo Mountain I have referred to that we have not drilled but suspect is a continuation of mineralisation. As mentioned before, Mil007 is one of the drill holes closest to the line of the "Mini Milo Mountain range", and the first mineralisation for 007 started at 46m and extended for 82m at 1.2% Cu Eq ...including 43m @ 1.5% Cu Eq. Surely we need to explore the areas to the west of our best drill result Mil 007!

It is this whole mini-range that we have not drilled and we won't have any idea of the immediate size of the Milo resource until we do. Why haven't we drilled it ...because the twin-steer diamond drill trucks need a graded flat area (like the diamond-drill setup shown on page 4 of the investor roadshow).

We need to find a way to drill the "Mini Milo Mountain" Range as shown in the pictures on page 1 and page 6 of the investor roadshow. We can't get to the other side of the range because again it is steep and wild country with no access.

What I would be trying is a dozer to cut some tracks combined with a lighter (10t) track mounted drill rig using RAB and a massive compressor. RAB will will through hard rock (pneumatic head) and will provide rock-chip samples (no core) much faster and cheaper.

Shouldn't we at least examine the possibility?

Attached pic shows a Google Earth image of "Milo Mini Mountain Range" looking west with a line to illustrate the steep country that we cannot currently drill. Surface has March 2012 soil sample/magnetic image overlain & partially transparent. Note the Milo drill holes on the flat country in the foreground.

Cheers,


SJB


All IMHO