Ann: CAP and Pure Metals agree new JV to develop , page-13

re: Ann: CAP and Pure Metals agree new JV to ... Hi Boofy,

Thanks for your kind words and greetings from lovely Queenstown NZ.

Under the J/V announcement dated 20th April 2010, there was 4 stages to the BMG J/V.

Stage 3 was BMG paying for the BFS. The BFS was estimated to cost $20 million and BMG had to pay CAP $23 million. Once the BFS was completed and BMG paid the money, BMG would control 80% of Hawsons.

Stage 4 was once mining commenced, CAP would be free carried to up to 20mpta.

Link to the 2010 announcement:

http://www.carpentariaex.com.au/Files/322862$81M_Deal_at_Hawsons_Iron_Ore_Project.pdf

As costs of production in the Australian mining sector increase over the years ahead, I beleive that Hawsons will be an attractive project because:

* No fly in fly out workforce required.
* Local support for the project.
* Good existing infrastructure.
* Low energy consumption to process the ore.
* Grade of ore concentrate (67-69%) compared to Pilbara average of say 58-62% FE.

Now, if we can get our tin / tungsten project up and going, CAP will no longer be a one trick pony, which would make me even happier.

Some posters have mentioned that CAP received a "superior offer" but chose to ignore it due to being inflexible. Anyone have any further details to back this up?

All we need now is for the courts to decide and rule on this last appeal and then we can all focus on the future.