Ann: EPC 1827 Cooroorah Shallow Secondary Target , page-13

re: Ann: EPC 1827 Cooroorah Shallow Secondary... 107Mt is worth approx 50c per tonne in the ground given it would be an underground operation.

I would expect to see them try and prove this up to 200-250Mt at which point it can be a standalone operation....perhaps with the assistance of one of the cooroorah neighbours? It would be good to see them strike a deal similar to that with RIO, so they would then be assisted with the costs of further drillign etc.

So on that assumption we have likely potential of >100MT at Mt hillalong...potential for this deal could be $20-$30m mil I would be guessing.

Then Cooroorah - partnered up with an increased resource, maybe $40-50mil?

and then as you say, drilling to come at German creek and Dingo for shallower, smaller open cut plays.

Looks pretty good value at $25mil market cap.