+ presentation data and comment +, page-36

re: + latest insitu resource valuation Latest Insitu Resource valuation.
1.Introduction.

From Announcements:
"The new JORC compliant Indicated and Inferred resource, calculated using a 0.04% Mo cutoff,
is: 425 million tonnes @ 0.07% Mo and 0.09% Cu"

Comment: The previous estimate gave 152 mill tonnes of this moly @ 0.09%. The coming preliminary BSF in Dec. will take this into account, I think. Obviously, if possible, they would start mining the richer portion first.

There may not have been enough time to calculate that now, in any case, we are still waiting for results from 5 more holes.

"The resource is still open at depth and, in places, along strike with assays still pending from five holes outside of the current resource boundary. Significant intervals of molybdenum and copper mineralization have been observed in these holes".

This is possibly the second largest project in the world. MOL also has another 3 smaller Moly projects in NSW and a very promising Gold project with some $A260 mill worth of gold and drilling is continuing.


2. Calculation of Insitu value of Spinifex Ridge Moly.
Deposit: 425 mill+ tonnes of Moly @ 0.07% and Cu @ 0.09%. Moly oxide price: $US30.50 /lb or $A 41.353/lb.

Cu price, say $US1.70/lb or $A2.304/lb. $A=USD 0.737544.
MOLY value: $A27.065 Bill. Cu value $A2.628 Bill.

TOTAL INSITU VALUE: $A29.693 Bill. (Or 44.7 mill ounces Gold Equiv).

Note: Cu (Copper) will be used to offset the cash costs of Moly.


3. Insitu value per $A1 market Cap. Resource: $A29.693 Bill +. Share price: $A1.82

All Shares: 30.434 mill. Al options: 15.125 mill unlisted of which 12.65 mill are converted before or on March 2009.

Undiluted:
Market CAP: 30.434 mill * $1.82= $A55.39 mill.
Insitu value per $1 market Cap: 29.693 Bill / 55.39 mill= $A536.0


4. Insitu value per share:
4.1 Undiluted: 29.693 Bill / 30.434 mill shares: $A975.6

4.2 Diluted: 29.693 Bill / 45.559 mill= $A651.7

Note that preliminary BSF results are due at end of Dec.

Subject to audit,

Gerry
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