new ann.., page-28

I still think the main thing for me about Myrtle is that it is only 20km away from Mc Aruther river mine, and the ore types have been stated to be similiar. I think the best long term outcome would be a toll treating agreement with the Xmen at MCM (mc arthur river mine). They want more ore feed for MCM to ramp up production to keep it profitable, beause they produce a concentrate which isn't the world standard anymore. To stay competative they need to ramp up production. A toll milling agreement completely changes the economics of the Myrtle deposit, becasue instead of having a CAPEX of 0.5-1.0 billion, your probably looking more in the realm of tens of millions for a toll treating scenario. This may seem over optimistic but just last year the Xmen struck that deal with exco to toll mill the ore from the E1 deposit to the earnest henry mine (7km trucking distance). This resulted in a cash payment of 187mil I think. This is still a long way off and a lot of things need to happen before this is possible, but its the obvious long term result IMO. Plus they have all that other ground to explore adjacent to MCM, you never know what they might turn up. I wouldn't expect anything fantastic too soon, so I can't agree with the 16.5c price target, but the long term potential is still there, and a hell of a lot better than 16c if the above scenario was occur IMO.

http://www.mcarthurrivermine.com.au/EN/Media/Documents/MRM-Phase3-Announcement.pdf