independent expect , page-6

Nov 2009
Indepenent valuation of between $80m and $120m.

22 Oct 2008 (ASX release) SP at the time: around 75c
UMC Project Development Study/Preliminary Financial Model valuation of between $1.18 billion - $2.4 billion.

Independent expert used 80mt (20mt sterilised due to boundary), whereas UMC valuation was based on 64mt. Both valuations are DCF.

So, using 20% less tonnage, the UMC valuation was between 1375% and 1900% greater. The different assumptions between both valuations are stark and unexplainable by "events beyond the control of management/directors."

A direct quote from the ASX release:
"The Directors consider that the assumptions on which the Preliminary Financial Model is based are conservative."