some commentary from analyst tour last week

OZL hosted an analyst tour at P Hill last Friday. I have been fortunate to gain some restricted commentary on that visit.

Below are some quotes:

TB said "we think the potential here at P Hill is so great that it's worth expending $50m in exploration"

"Burgess merely repeated that the company wouldn't be rushed (when asked about SFR) and that the cost of assets in the copper space was currently high. The challenge that we have when we look at projects, (he said) including potential exploration projects, is how does it compare with what we have here. We're coming to the conclusion that things have to be really good before we take our eyes off what we have here. If I compare the prospectivity and potential of what we have here at P Hill and what they might have at SFR, I'm really comfortable here."

"An underground diamond driller will be contracted by early 2011 and 3 rigs are expected on site before the middle of the year." (To further define the resource)

"OZ also plans to cut the exploration decline back into what it calls the Munda Zone (described as a high grade gold target".

"That deposit (Ankata) is a bit unique, it's an unusual configuration - the mineralisation is a bit different, but it's quite high grade. It is open to the west, and there are extensions at depth possible. This Kalaya zone at depth could be something like that"

"We really are only just starting to understand the extent of the system."

HT1