presentation shows strong potential, page-2

I have just had another look at the pack. I now realise that I have been as "Thick as a brick" to quote Jethro Tull.

P 17, in the yellow box is a 3.4m oz Gold Resource, grading 1.4oz/t. The grade is nothing to write home about, but the infrastructure is already there. The gold resource can be blended with the Western Copper resource to continue to provide gold credits and keep the C1 cash cost down.

Dj is right about the mine life. The current resource is 2.5mt of Copper - that is 25 years at 100,000tpa of copper in concentrate (assuming resource can be converted to reserve - I see no reason why this cannot occur), with the potential to expand the footprint with the current drilling programme.

Remember I speak about a terminal value to a NPV for the sp. The terminal value says that the last year that is calculated repeats for a long time.

Once OZL can set out a plan to show a mine life of 20 years plus, the sp should begin to rise to approach the NPV of the sp that includes the terminal value. This number is $2.46. That is right, it is not a typo.

HT1