Nothing new as such.i. Mehdiabad still negotiating. Initial...

Nothing new as such.

i. Mehdiabad still negotiating. Initial arbitration preparation undertaken but sounds like not ready to actually commence proceedings.
ii. Sandpiper.Basically reproduced the acquisition announcement including confirming JORC underway. It does say within 2 months - hopefully that means from when commenced not from today.

Just a quick calc on the best drilled area which is 8km square, average depth of 4.6m and average 17% P2O5. Assume SG of 1.8 gives us:
8000*8000*4.6*1.8 = 529,920m3 (tonnes) of sediment.
= 90,086,400 tonnes of P2O5 at 17%

This is the sort of figure I'll be looking for from the JORC since this area is the only one currently drilled sufficiently. The postive is that it's only 3.2% of the total tenements.

iii. Financial Report. Similar expenditure this quarter. Cash at end of quarter $1.18 million. Assuming spend another $600k next quarter I would say we'll see another capital raising announced by the end of the quarter ie by end of September