Ann: Adriatic Metals Corporate Presentation, page-89

I ran the results of 66m interval from hole BR-5-18 through an online metal equivalent calculator assuming 100% recovery of all minerals (I’ll do some research here to see what likely products and recoveries this deposit might produce later) and using the below metal prices. The results are shown in the screen clip below and do not include any value for the 37% Barite. Indian underground barite, f.o.b. Chennai, was trading in a range of $160 to $170 per tonne and Moroccan barite between $140 to $152 per ton in 2012 according to a USGS report. At that stage the market was not very big worth only $58 million in the US domestic market. I need to do more research on the current market for barite.

Still doing my research here but on face value Rupice looks like it could turn into something a major might be interested in if these thicknesses and metal quantities continue at depth. I can see why SFR are interested but they better watch out because I’ve got a feeling this might not hang around long if they keep pulling results like this out of the ground. Esh

Au US$1,219/oz
Ag $US15.43/oz
An  US$1.19/lb
Cu US$2.82/lb
Pb US$0.98/lb