blue sky mine, page-2

Hi Out Cold,

Page 6 and 7 of the Scoping Study states:

Additional Exploration Target

'It should be noted that the first five years of production in the Scoping Study (ca. 54Mt ROM production) is based upon an average grade of 500ppm TREO. Within the existing JORC-compliant Resource, there are approximately 70Mt with average grade of 500ppm TREO in the Resource model blocks (Indicated plus Inferred categories, based upon grade-tonnage figures), but in the absence of mine scheduling studies, these may not be mineable, except in conjunction with some lower grade alluvium. The Competent Person believes that this tonnage has not been sufficiently defined, and in terms of the JORC Code and ASX Listing Rules should be described as an Exploration Target.

The Exploration Target used in the Scoping Study as start-up ROM would be 50Mt - 100Mt at the average grade of 500 - 1000ppm TREO. The Scoping Study is based upon the low end of this range for both grade and
tonnage. There is firm evidence that this Exploration Target will be realised when additional Resource drilling is undertaken that targets higher grade start-up pit sites.

Samples collected from trenches have provided material for metallurgical test work. Higher grade zones for these samples have been located using a combination of reconnaissance stream sample results and
radiometrics. Within the selected zones, radiometrics have been used to identify actual sites for trenches. The average grade of sampled material from ten widely spaced sites in the Cattle Creek and Cockroach areas was
1087ppm, with a range from 223ppm TREO to 4,386ppm TREO. Six of the ten sites returned grades of over 500ppm TREO. This, combined with the existence of 70Mt of 500ppm TREO in the Initial Mineral Resource estimate, provides evidence for a reasonable expectation that an Exploration Target of five years’ production (50 to 100Mt) at an average grade of 500 to 1000ppm TREO can be converted to Resource for start-up of the operation and to accelerate initial capital payback.'

What do we know about Tonio?

He stated he held shares in NTU on the 14/4/13, i.e. six days ago. (Post 9244987). He also states he doesn't hold an interest in CUX in his/her last post.

NTU has a JORC resource of 10,500t TREO resource in hard rock and he is inferring CUX is a blue sky mine (21/12/12). You gotta to laugh.

How much is the JORC resource of Charlie Creek with a drilled Resource based on around 1% of the area with exploration potential? 235,150t TREO.

Maybe, tonio could tell us how much TREO NTU has to find to establish an economic mine, and what the full capex and opex estimates are so we can do a comparision between CUX and NTU.

Cheers,

Stoops