how many more clarifications......

Whilst resource figure was infinitely below expectations given the preponderance of selective results as opposed to representative results, there is still no break up between oxides, transition and sulphides.

Taking the Measured and Indicated figures as the basis for a Mineable Reserve (you cannot use Inferred for the calculation!), leaves you with 10 million tonnes at 1.6% copper using the 0.8% cut off.

Of that tonnage let us assume the above figure is predominantly oxide and transition material. Being drilled the most as it is shallower is the basis for the assumption.

Using that argument lets say 7 million tonnes is in the oxide zone and averages 1%. That leaves 3 million tonnes at around 3.2% for the transition material including native copper.(This equtes to 10 m/t at 1.6%!)

A standard SX-EW operaton would work quite nicely at 1% whilst the transition stuff could possibly use a gravity circuit to recover the native copper with the chalcocite pushed back into the SX-EW circuit.

If those assumptions are correct, a nice neat but comparatively short life profitable operation, with CAPEX costs below the figure of $150-200 million suggested by management. (And the theoretical market cap would be a lot lower than the current market cap suggests IMO).

If, on the other hand, the 10 million tonnes involves a significant amount of sulphides the story falls off a cliff pretty rapidly. The tonnes suggested require the CAPEX for a concentrator as opposed to SX-EW, but the operating costs per pound increase dramatically and would bring the whole project into doubt IMO.

Either way, my ongoing concerns about management remain unchanged and I will not go near the stock!

Cheers, TAS