20c strike ...pipe dream at the moment.Needs some progress on...

20c strike ...pipe dream at the moment.

Needs some progress on Zinc JV (drilling plan execution), mon settlement (this is due), contract extension at Surda to double annual throughput (maybe by year end), Hindustan copper to re-energise the tender to open further mines, with IRL a good chance picking one up (slim chance of this before year end), PEB to move aggressively towards BFS, and operating costs to remain low at Surda.....and maybe an indication of Fe tenements applications being succesful and a coal JV......

If all this can happen a 20c sp gives an undiluted mc of around $40 million....long way to go.....But if they do get the contract extension at Surda OR a contract to start a new mine for HCL....then the oppie conversion cash will be required for capex.

It's my view that if IRL is going to succeed, then 2010 will need to be it's watershed year.