Ann: South Block Resource gives Significant Potential at Century, page-33

Wrong, I did sell half my NCZ, but moved it into IBG.

RVR has had majority of its run, more upside to be had with IBG. Patersons covering & released below research note;

• We are initiating coverage of Ironbark Zinc Limited (IBG) with a Speculative Buy rating and $0.35/sh price target. (based on $1.20 pound zinc price, 500% upside, trading $0.07/sh)
• IBG is focussed on developing its fully permitted Citronen Fjord Zinc project (100%) (Citronen) located in northern Greenland.
• The project is a globally significant zinc project with a contemplated 14-year mine life and peak production rate of c.200,000tpa of zinc metal. In addition, the deposit has outstanding exploration upside.
• Based on our price forecasts, we estimate the project generates >US$150mpa in free-cash generation with a payback period of c.2.5 years.
• We believe that the current supportive zinc pricing environment should allow the project to be financed and move towards construction potentially in 2018.
• IBG has a supportive shareholder base with Nyrstar and Glencore on the register as top two share holders. In addition, IBG has the support of China Non-Ferrous (NFC) who are looking to potentially fund the project.

70.8M T 2012 Jorc resource @ 5.7% Zn. The $0.35 valuation is based on $1.20 US/pound Zn Price. At $1.60 Val is $0.72.

10X potential upside. Worth checking out.