progress of deep hole, page-28

mickey

I and the independent consultant who wrote the JORC resource obviously have more faith in CTO's predictable and repetitive vein system than you do.

No disrespect to your layman opinion - bit i think i'd rather defer to the expert consultants conclusion that there is an 80% probability and degree of confidence that the inferred JORC resource will all end up becoming a proven reserve.

That means there's a 20% chance it could be even more - not less, as this is a growing resource - with an upside potential up to 50 mill oz.

The deep hole will give us a clue as to how large.

It is MASSIVE.

You cant offer that degree of confidence in iron ore deposits - there's no predictability or consistency - you can have a 60%Fe grading in one area and a 30% detrital grading in another.

I see BHP's and RIO's inferred iron ore resource as risky.

CTO's system is a consistent 14g/T - very predictable and less risky .