from ann released on 16/11/07 - Blackard grade 0.72%- native...

from ann released on 16/11/07
- Blackard grade 0.72%
- native copper ores recovery 64%

from AGM presentation released on 30/11/07
- mining cost $9.74 / tonne
- processing cost $9.35~9.83/tonne

so the apprx. cost to mine and process a tonne of ore would be $19.57

2200 lb/t x 0.72% x 64% = 10
and we can expect to extract 10 lb of copper from a tonne of ore.

19.57 / 10 = $1.957 / lb

it looks very disappointing. did i get it right? or have i misunderstood or made a mistake somewhere?