chart turning around nicely, page-27

Sorry, I lied, ONE more thing.

The tonnage of graphite is important for another reason...this imo seriously brings into play the potential for vanadium production from day 1 (though I don't think this will be considered in the scoping study).

It's my opinion that "immediate" Vanadium production can really only be significantly feasible (Even if its only a byproduct) if ore tonnage mined is high. The reason is that to attract 'important' buyers (ie not riff raff) you need decent annual production values.

So for example if the graphite production estimate was only say 50k tonnes pa, I do not think that would justify vanadium production from day 1, rather they would probably stockpile the now graphite-barren dirt until it achieved significant critical mass to start vanadium production (ie add the V circuits later).

However at 220k tonnes pa graphite, we are now looking at around 1.2M tonnes (depending on graphite grade area started at) dug up per annum. At say 0.4% V grade, this now starts to make the option for V processing immediately feasible, as they should be able to attract significant long term buyers. At that grade the V production would be around 4,800 tonnes per annum, which is around half the (vanadium pentoxide only - ferro vanadium excluded) annual operating capacity of the largest operating vanadium mine in the world (Rhovan).

Cdchi1