Ann: Tropicana Resource Increases , page-3

SBL,

I have no mining expertise, so yes very surprisingly it is pretty much in line with my eyeball expectations (which on reflection I had thought was pretty optimistic).

I like the idea that there might be more to come, and via a pit extension.

Year by year we are adding pretty substantial resources, 20% in this instance. At this rate we could imho realistically get to say 8 million ounces of resources before startup, which would be pretty good imho.

This is an additional 300kOz for IGO. At say $50/oz that's $150mm, or 75 cps. As well as possibly adding that again next year, that $50/oz (my guess) should be growing too as that new resource moves year by year closer to production. A reason to really like assets at the stage at which Tropicana is with value add both asset maturity and from asset growth.

Of course the market doesn't agree, I guess that's nickel sentiment, plus zinc indigestion.

EL