News: Interview & analyst comment: Succoth Drilling Results

Interview with Managing Director, Richard Bevan to discuss the drilling results at the Succoth project.  Questions include:

• The purpose of the drill program
• What impact the results have on the potential for the Succoth project
• What other work Cassini is currently working on.

Analyst Comment: Whilst the grade was slightly lower than what the market might had hoped for, we were overall encouraged by the result as it reinforced our belief that Succoth is shaping up as a large copper deposit (continuous body extending over 1000m down plunge).  Furthermore, when the combined project (Nebo-Babel & Succoth) is taken into account, Cassini is potentially building a significant base metal camp with numerous large tonnage deposits, which could service a centralised facility (13km between the projects) for over 20 years.

The high grade intercept (0.07m @ 14.1% Cu with 1.8g/t of Au + Pt + Pd) whilst narrow, also highlight there remains potential for a significant massive sulphides discovery in the future.

We look forward to further information regarding the down-hole EM survey that will test for potential off-hole conductors as well as results from the drill program at the Esagila Prospect which is targeting an untested EM conductor in the near future.

Valuation:  We maintain our valuation for Cassini of between $0.20 (4Mtpa operation) and $0.24 (staged production option).  We however highlight we have placed no valuation on Succoth or Cassini other exploration assets at this time despite the significant upside potential that we believe exists.