I have been following the activities of Copper Range for quite...

I have been following the activities of Copper Range for quite some time and I did find your recent article quite interesting . If you have some free time I would like to discuss Coper Ranges current position with a focus on going forward . The main focus is on The Carrapateena project which is highly prospective and has the possibility of becoming a large scale copper deposit . So far they have completed a four hole programme but further work is required to determine the scale and potential grade of the deposit . More recently The Company has moved towards an option of acquiring Mt Grainger Gold mines . This presents the company with an opportunity to start up a low cost small scale mining operation as a means to generate cash flow which minimizes the possibility of another capital raising but how will this new project impact upon the original objective which was to turn Carrapateena into an economic deposit . I can appreciate the current finacial position with 3M net which doesnt go along way towards a comprehensive drilling campaign but what other options are avaiable at this point in time . The share price has been stagnant for quite some time and it appears market sentiment is wanning based upon the decision to acquire and priorotize much of the focus towards Mt Grainger whilst putting Carrapateena on the backburner due to current inadequate funding / generation of positive cash flow .
It was detailed in the recent announcement that Copper Range are in approval discussions with the native land holders which could take another 60 - 90 days to negotiate a drilling treaty . This target is highly prosective and is a priority target but it is located in an aborginal area that requires approval which is fine . The next available option is a joint venture arrangement which has been in discuusion for 12 months . Has an amicable resoulution been made in this area or are they still in negotiations as to the terms of the agreement . I have been in contact with some key shareholders and they think that this serves as a prudent way to move forward in light of the dwindling cash reserves . As you have indicated their cash burn rate is steadily increasing and without some form of capital intervention the company will eventually have no money whilst it has very prospective tenements that cannot be unlocked due to lack of funding or the inability to reach joint funding agreement with the number of parties it has been in discussion with . Whilst it might be an ideal scenario to maintain a 100% interest and controlling stake in your projects it effectively means that you cannot unlock the economic potential of your prospects because your risk to ruin margin is so fine . A high risk drilling operation on limited margin is akin to flying a 747 at tree level , there is no room for error so based upon this assertion a joint venture arrangement seems like a very prudent option and in the case of Copper Range possibly its only option . Enter Mt Grainger , I hope the project can generate cash for additional exploration but the company will have to look at the associated costs and what they are getting in return for their efforts . This looks like a viable alternative although it may take an additional six months to calculate potential estimates and or conduct a detailed geological assesment before mining commences . Hopefully Copper Range has some success in the Adelaide Fold programme .

Gazelle