copperco the next producer, page-8

Proposed Timetable

Presented below is a summary of the proposed CopperCo acquisition and development timetable.

Timetable Event
Quarters

Feasibility Study
Completed April 2006

Exploration Activity
Ongoing

Detailed engineering and start of procurement
Commenced

Project finance available for drawdown
3rd Quarter of Calendar 2006

Statutory approvals received
3rd Quarter of Calendar 2006

Plant construction commences
4th Quarter of Calendar 2006

Mining operations commence
2nd Quarter of Calendar 2007

1st Copper Cathode plated
2nd Quarter of Calendar 2007



The successful completion of the project development financing and construction of the mine, process and infrastructure facilities is subject to receipt by the company of necessary statutory permits and authorities, various access agreements and completion of Native Title agreements. The expected time to conclude all of these processes is recognised in the timetable of activities tabulated above.