Ann: ORE RESERVES FOR PANDA HILL DECLARED-CXX.AX, page-9

Yes its good proven and excepted reserves. Grade is higher than I thought. remember Niobec's Quebec Niobium mine that was sold for 530 million last year, had a grade of only .42% for the last 8 years of its mine life, our first 4 yrs .72% and .67% grade from years 5 to 10. thats an over 70% increase in the first 4 years and a 61% increase in the years 5 to 10. with a recovery rate of 61%, as good as the Niobec mine. so review the chart attached to the article to remind everyone how we are technically the 3 rd best NB mine in the world and will surpass Niobec as soon as we begin production in 2 years.