Ann: Tropicana Resource Increases , page-4

SBL,

Oops, seem to've misplaced a zero, but then $50/oz woefully too low at this stage of development.

If we said $200/oz, then we are looking at $60mm to IGO, or a pretty unimpressive 30 cps, for the additional resource. This would value the total IGO resource of 1.9 mmoz at $380mm or $1.90 ps.

Still if we can add 30 cps pa through Tropicana resource growth, plus add similiar through maturity/mining that's one pretty strong asset in a $4.36 company. Just need the zinc burden to be removed from the nickel.

It would be interesting to get any more informed views on the Tropicana resource valuation.

EL