Hi Banksy Still a lot of unanswered questions. What are cost...

Hi Banksy

Still a lot of unanswered questions.

What are cost savings to Capex by use of contractors and leasing of machinery? Why is our rail load out $80 mill more than what was costed in the pre-fease? Is this so it could eventually cope with upwards of 20 mil tonnes pa? What are the results of the last two drilling campaigns on Vista South? Does Vista have underground potential? These may all have some part to play in any evaluation.

Currently I would be thinking mid to high $3 range at this stage. At NPV + 20% premium we get roughly CAD $3.66. At 25% premium we get CAD $3.82. Given the AUD is not helping things at the moment it may limit any upside from this range.

Anyways hopefully all will be revealed in the months ahead.

Regards

Danash

Ps have sent an email to your Hotmail address.