Ann: Heron receives Assays from recent drilling of G2 Lens, page-19

The feasibility numbers are rubbish based on assumption. As soon as they are done they are outdated by changes in metal prices, AUD, and don’t allow for exploration adding mine life, or in this case new ore sources brought into schedule offsetting development cost.

As the resource builds over mine life, feasibility NPV becomes a throw away number used with other numbers to justify project finance.

Another reason the NPV is incorrect from the start is consulting companies completing resource statements reduce payable metal down 20/30% due to being slack jaws wimps trying to cover liability.

If the actual minable metal was caculated with the unknown extra resource to be developed (which some has been identified already) then the feasibility NPV will be much different. So banging on about the fesability NPV as a reason not to have a punt on HRR is a bit short sighted, especially taking into account the type of deposit HRR has and the likley quality of future descoverable minable resource.

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