Standing Strong !!, page-70

Sorry to "wave drop" in on the CNJ thread but as an ex Bondi Surfer I'm use to that.

I'm also a large shareholder of BAR as Solarbat & others on this thread who own both BAR/CNJ will confirm.

I don't quite understand your arguments Tinyboat so if you could answer or clarify some of my concerns using AUZ as the example you alluded to in your previous post to this that would be helpful I think to everyone.

Apart from flying a helicopter around their latest Greenfields prospect (their words not mine) in NSW (the Thackaringa Project) they have 2 other cobalt plus other metals like scandium on the go. The Sconi project in far North QLD & the Flemington project in Central NSW. If we set the Sconi project aside as it can't be compared to Mt Thirsty as this project was already being developed & further advanced by Metallica Minerals who sold the project to AUZ for $10 million as part of their divestment strategy only a few months ago..

The Flemington project is a much better comparison I think because they have had this a while (like Mt Thirsty) waited for Cobalt prices to improve (like Mt Thirsty) & completed a Scoping Study (like Mt Thirsty).

Now to my knowledge (and please correct me if I'm wrong which I'm sure you will).....the Scoping Study for Flemington was released to the market on the 15th March this year....some 7 months ago. Again to my knowledge....not a sod has been turned or exported or any off take agreements signed. The fact is that they don't even have their mining lease license approved yet which I believe they submitted to the NSW Government in early April. Obviously until this is approved, they can't do anything. I did read recently they secured (not approved but secured) a water license to the project but this was available anyway on the open market to anyone who applied & was part of the water allocation licenses available for the general area so nothing special there.

I find it very interesting though there's not much coverage around how AUZ plan to ship the cobalt / scandium & other ore bodies out (a problem Mt Thirsty doesn't have)....given the location of both these projects (basically in the middle of nowhere) I guess its something they'll advise in due course. Its a long way to the Port of Newcastle (by the way is one of the most expensive shipping ports in the Country) for the Flemington Project & even further for the Sconi project in North QLD to get this to either Darwin port or Brisbane Port. I understand though there's a 15km small access road to the Flemington project of which the last few kilometres are gravel so some road sealing & widening would be appropriate I would have thought. Again I just might point out that Mt Thirsty doesn't have these issues.

Also found it interesting that they built their Demonstration processing plant for processing their ore bodies (so the cobalt / scandium etc) in WA???....on the basis that the best expertise in the Country for extraction processes / leaching etc are considered to be there....I guess we all know where Mt Thirsty resides. Getting AUZ's ore samples there I imagine would be a logistical & added expense challenge to deal with.

One important thing I did glean though from their Scoping Study which I can't recall was in ours which I'd like to share with my fellow Mt Thirsty shareholders is the following........

"...BHP Billiton define a "World Class" deposit as one which has an NPV of at least $250 million....."

The AUZ NPV for Flemington project is $255 million so the Company considers it a "World Class" mine & will refer to it as such.

The Mt Thirty NPV is $290 million......we have a "World Class" mine fellow shareholders according to the biggest miner in the World.

Given our Mt Thirsty Scoping Study has been out 6 business days.......and your comments around useless management / to slow / need a kick up the bum etc. etc.etc......are there any other examples of Cobalt plays that are at a similar stage to Mt Thirsty you can draw upon given what I have stated above???.....because right now my money is staying at BAR & there's a part of me that thinks this project will beat the Flemington project to market. Environmental clearance & approvals in NSW & Victoria are a nightmare.....NSW has the 2nd most Greenies in the Country.....Victoria has the most.....WA doesn't have these issues, you just need to see where most mines are located.

Time will tell......

Cheers everyone & enjoy the rest of your weekend....