Hi Bluey and yes there is a lot of work going on and confidence...

Hi Bluey and yes there is a lot of work going on and confidence grows daily.

I am referring to Swanns estimates in Oct 08 which should be fairly accurate.

Opex for CMR component(50%) as estimated by Swann was 90 million assuming we give HNC an extra 1/3 of the output then we can reduce the OPEX by a third that would make it 60 million. Note HNC would have to put in 1/3 more for the OPEX as they are receiving 2/3 of the metal output rather than the half agreed in the JV.

Lets say we have 150 million shares and each shareholder gets 5 cents per share each year for the next 3 years that is 150,000,000 X.05 ie 7.5 mill in addition we pay non HNC creditors 7.5 mill per year in principal and interest. Total non OPEX expenditure would be 15 million.

All clear in my head but I have had an afternoon in the sun drinking. And I think we have something to work with.This company is not dead yet. Anyone with a spare 50 million to buy it should do alright in my opinion.