cdu likelyup soon in senate inquiry into asic, page-155

"Significant additional copper oxide ore sent to stockpiles - not included in original mining schedule - over 30,000 tonnes from LM1 (east extension) to date"

"Average copper grades estimated up to 10 times higher than indicated in the mining schedule, but not unexpected by CuDeco’s geological team."

"Significant zones of soft sooty chalcocite (chalcocite contains 79.8% Cu), being mined that were not identified during resource drill-hole geological logging."

"Chalcocite-rich clay zones identified (consistency of soil) with average grades of ~45% Cu (based on XRF analysis), previously not known to exist - no record of recovery during drill-hole sampling."

"Drill collars identified that passed through high-grade (+40% Cu) zones of chalcocite-rich clays and soft sooty chalcocite - yet logging records show no copper minerals identified and assay results show only low-grade copper, indicating possible mineral loss during drilling."

"DSO grade mineralisation (+20% Cu) sent to stockpiles from areas where maximum grade expectations were just 3.5% Cu based on the resource model."

Unfortunately Cudeco can make all the statements it wants like this reporting stockpiles percentages higher than what the indicated JORC is for these mining blocks but will not change the JORC of the remaining in situ resource. Using XRF analysers and grab samples from a 500 000 tonne stock pile just isn't truly indicative of total grade until composite samples can be analysed after crushing. As that happens I would love to see the company report actual grades and tonnages verses the expected grades and tonnages according to the JORC. Be nice to see announcements like 1 000 000 tonne crushed for 2% copper when mining blocks only indicated 1%. I imagine the up roar it would cause if actual tonnages mined were lower than the JORC with calls to the ASIC for an inquiry because people have lost money. Well I see it no different if the grades are higher than the JORC because people will lose money one way or another, shorters or those that sell at a lower price than the true valve of the deposit. Interesting times ahead to put that old argument to bed.