Arafura Rare Earths Ltd, page-112

A word of warning ~ ARR are either dreamers or pork pie sellers, they pumped hell out of La Paz and it has turned out to be a flop. ! A quick reality check :- According to their latest "News" release they have drilled a total of 9031 metres over both of their Wyoming "Project" areas. If we are very generous and assume an area of influence of 100m x 100m (10,000 BCM) for each metre of depth of drill hole and use an SG of 2.3 you end up with 207 Million tonnes and that's all. SO what are they basing the other 2.1 Billion tonnes of Indicated and Inferred resource on ????

Now any self respecting Geologist or Mining Engineer will tell you that it is stretching the friendship to classify a RE Resource higher than "Indicated" based on a 100m drill spacing and yet ARR are saying that this is Measured @ 200m spacing !!!! And if IT IS all Measured where on earth are they getting the other 2 Billion Tons from !!!!

Then , ARR have drilled down to 320metrs (which is probably one factor in calculating the large Inferred resource). Do you know how long it would take to mine down to that depth ? You might as well forget about anything below 120m when calculating a NPV(10) !