crc info, page-2

Hi AJ

As per my recent post I just invested yesterday.

Was considering waiting until closer to the appeal date because wasn't sure if they'd be releasing any exploration results before, but then I read thru the Symposium presention (http://www.symposium.net.au/files/4ec588c66e483.pdf) and their last quarterly activity report and it seems that RC drilling has been going on since September. Obviously not sure about the results, but figured not taking the chance.

Regarding other questions, on info from more recent company announcements:

CAPEX: Didn't actually see an amount in and of the announcements (probably need to go back to DFS), but the NPV graph suggests around $80M (not sure what you mean what 'these costs are for'...the usual stuff, mill, infrastructure, setup of the box cut, underground development etc)

Minelife at existing resource: Who knows if it can be extended on existing project alone but they are usuing Challenger mine as an analogue, so clearly they expect they could continue to extend after the existing resource depleted. Its pretty rare that mines of this nature don't have additional extensions that are found later on (ie when exploration can be done from underground declines).

Production per annum: The DFS would have closely analysed the optimal annual production level as a factor of both operating and capital costs and determined that based on current resource size, 50k oz is the best production level. In other words, a higher production level would probably require significant additional CAPEX cost that results in that financial outcome being lower than the 50k oz per annum result. Of course if they found alot more resources, this could well justify adjusting the production level higher later down the track.

Exploration: The results nearby to mine are highly promising but again early days. Though its further results pending from these areas (the obvious being Ruby Lode) that caused me to jump in yesterday rather than wait around until closer to the environmental appeal hearing date.


Cdchi1