DT Pre-Market Wednesday December 6, page-28

Good pick up but slightly off on your comparisons.

Panguna only had original reserves of 1billion tonnes and they are only probable where as solobo has proven and probable reserves (P&P) of 984million(current), roughly the same. Solobo has a grade of 0.82% Cu and 0.49 g/t gold over it's entire reserves at 0.5 Cu cutoff.

Panguna also has already been highgraded, you can read it's current status below in terms of reserves, taken from this link: http://www.portergeo.com.au/database/mineinfo.asp?mineid=mn441

"The original pre-mining ore reserve in 1969 was - 994 Mt @ 0.48% Cu, 0.56 g/t Au, 3 g/t Ag (Clark, 1990).
Production over this period amounted to 710 Mt of ore @ 0.53% Cu, 0.63 g/t Au for 3 Mt of contained Cu metal, 306 tonnes of gold and 784 tonnes of silver (Clark, 1990, Bougainville Copper Ltd., Annual Report, 1992), plus 630 Mt of waste (Bougainville Copper Ltd., Annual Report, 1999).
Remaining reserves in 1999 were officially listed at 496 Mt @ 0.45% Cu, 0.55 g/t Au. In addition, mineralisation amenable to upgrading by screening would add a further 520 Mt @ 0.22% Cu, 0.18 g/t Au to the reserves to produce a mill feed of 195 Mt @ 0.34% Cu, 0.28 g/t Au. This would result in a total combined mill feed from both remaining ore groups of 691 Mt @ 0.40% Cu, 0.47 g/t Au (Bougainville Copper Ltd., Annual Report, 1999). "

So currently you can see that it is much smaller than Solobo's current reserves if this source is to be believed, which I believe is legitimate.

I don't feel 950million capex for this deposit is unreasonable in terms of the current market (copper has been rising) however it will raise more eyebrows due to political risk and the remaining reserves.