tailings head grade clarification...

Hi guys,

I thought it best to start a separate thread dealing with this issue as it is the single most critical issue relating to valuing this company.

My understanding from reading communications (multiple times and cross checking different releases) is in line with others here is that the CONCENTRATE GRADES ARE AROUND 100 g/t plus PGM, NOT the actual tailings head grades.

However I can see where the issues arise from as this company's communications might as well be written in heiroglyphics, they are so hard to follow. They continually switch between talking about concentrate and tailings to the point where it is unclear what the quoted grades actually refer to. They also switch in some communications between talking about Bamboo creek tailings and Bamboo creek ore, which (I believe) are one and the same.

On top of this there are information blackspots in their releases e.g. can't they provide an indicated resource for the Bamboo creek tailings to provide greater clarity? What are the plans for commercial production - presumably sale of concentrate, but to whom and have they lined up a buyer? Does the buyer need to do anything special to extract the gold and PGM from the cconcentrate?

This lack of clarity around everything to do with the operation is what has made me cautious about this stock. But also p%%$$ed off, as I only re-visited this recently with a view to take a small punt and looked over the numbers a couple of weeks ago but was a little sceptical, and then went on holidays on the 4th october with limited internet access... needless to say I have had a litte bit of surprise and bitterness today...

Like others here I have had a long history with this stock going back to late 90's, through their forays across gold, tantalum, diamonds, iron ore and into and out of the courts as I used to work with Peter Scales at the University of Melbourne.

I am not on top of the technical issues around the Elazac process, but if it works it will be the culmination of many years of work, but there have certainly been some false starts in the past. Perhaps us long term followers have been overly hobbled by the company's lack of delivery of value in the past, but I would and will still be very cautious...