Lithium, page-25

http://lithium-au.com/wp-content/uploads/2013/09/bubble.pdf

- Quotes from NB are pre PFS. -

Pilbara Mineral's Biddle is not convinced the exploration will lead to widespread commercialisation though.
"I'm not a big believer that there's going to be multiple lithium mines in the Pilbara," he said.
"In fact, I have every reason to believe that, that will not be the case. But that's my view.

"These junior companies that are coming into the Pilbara now and picking up pegmatites and calling themselves lithium players - I don't blame them for doing it because they can't raise money in any other sectors."

"If I was them I'd be doing exactly the same thing. You've got to go where you can raise money to keep your company alive, but it is a bit of a bubble. "

"We've assessed most of the pegmatites around us and we had plenty of opportunity to pick all the ground out - we've got prime spot.

"I'm not saying that there aren't other lithium deposits around, there probably will be, but we believe Pilgangoora on a regional, geochemical basis is the hotspot for lithium in pegmatites."

In any case, Pilbara Minerals expects to be the first on the
production scene, with its definitive feasibility study aimed for the
middle of the year.

"We'd probably need to raise around $150 million for around a 2 million tonne per annum project," Biddle said.

"The details and financial model will come out with the PFS
early March, and then firmed up with the definitive feasibility study
mid-year"

"We're starting to talk now to groups who are interested in funding
the project. So if we can get the funding put away quickly we think
it's about an 18-month lead time to production. We're looking at
somewhere early 2018 to mid-2018."