SANDPIPER MARINE ROCK PHOSPHATE PROJECT POSITIVE FEASIBILITY...

SANDPIPER MARINE ROCK PHOSPHATE PROJECT POSITIVE FEASIBILITY STUDY RESULTS AND RESOURCE UPGRADE
18 April 2012
HIGHLIGHTS
? Feasibility Study1 indicates the Sandpiper Project is expected to be technically and economically feasible and has the potential to be a long life project capable of delivering attractive investment returns for the Project owners.
? Feasibility Study envisages steady-state production of 3.0 million tonnes per annum (Mtpa) of phosphate concentrate product (rock phosphate) grading 27.5 - 28.0% P2O5 over an initial mine life of 20 years, including a two-year ramp up period.
? Increase in estimated Mineral Resource in Measured category to 60 million tonnes (Mt) at 20.8% P2O5 (at 15% P2O5 cut-off). In conjunction with an estimated Indicated Mineral Resource of 105 Mt at 19.6% P2O5 in a sub-area of the Sandpiper Project Mining Lease proposed in the Feasibility Study for initial mining, this provides a mining inventory sufficient for