I always thought it a bit odd to be trying to sell a tungsten project to the largest tungsten producer in China. Mind you we are only guessing on these issues. Penfolds must have had a good feeling that there was a likely deal. In any event, if Canadians are interested, I would think they would be rather keen on a project which has such a quick payback, and perhaps would be more in tune with our sort of labour costs. Suspect they may enjoy the dry heat too...lol. Management will have learned quite a lesson with this experience, and will I am sure be more ready for this new round of potential deals. I still think this will be a 10 year mine life, 4mt+ resource at better than 1% combined moly /tungsten, with an inground value of around $2.5b, and an NPV in excess of $200m. The off-take agreement seems to be the key. The quick payback period on the up-front capital investment strikes me as an extemely effective potential lure. I think a little patience will be well rewarded. Let us not forget the uranium prospects. This stock is very cheap in my view.
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