resource upgrade, page-80

Buddy,I don't understand where the logic is in your post.

If you look at the 30-Oct-2008 release AAR announced that the PFS showed that, based on a Zn price US$1.4/lb, Cu US$3.5/lb and an exchange rate of US$1.00 = A$0.80, the project would generate an Operating Surplus of $100m.

Now today of course Zn price would need to be US or A $1.75 and Cu $4.37 to get to the same economics - however in Oct 2008 the cost was based on very expensive underground mining, and before the increase in resource (Copper in particular) and before inclusion of the high grade supergene resource.

Yet the Holly Mining concluded that this was a profitable project given above metal prices.

The figures above are based on 2008 numbers - what we need is an update given actual metal prices in A$, revised cost allowing for open pit mining and revise revenue based on increased resource.

In any event we are looking at a viable project in particular considering that the focus now is on Copper!

Buddy, you accuse me of the SP... I think you need to re-read your last post.

EE.