Ore sorters, concentrators and iron grade discussion, page-18

Patriot (PMT) put out their PEA today. They are looking at a DMS only setup with the flow sheet presented on page 61 (Fig 39).

Within the DMS system, they are looking at 5 DMS's:

• a Main Primary/Secondary DMS setup (4mm-9.5mm). The midding density range from this setup allows goes to a recrush DMS (0.65mm to 3.3mm)
• a Fine DMS (1.4mm-4.0mm) and
• a Ultrafine DMS (0.65mm to 1.4mm).

After taking the test results and looking to apply them to an operating environment, PMT released the info below. This table shows that grade matters because grade is related to recovery rates. While material 1.4%+ is anticipated to have 70%+ recovery rates, material below 0.9% is expected to be 60% or lower recovery rates - Both via DMS.

Their estimate was that a 10% further recovery was available, at a higher capital cost by adding a back-end flotation plant. The plan that is likely to be repeated by some other projects its get operational with ok recoveries and use operational cash flow to fund a back-end DMS plant.