Ann: Magnum to Drill Tanami Gold-Copper Project, NT, page-6

G'day Alimak ...yes, I agree the Cloncurry results were promising, and the more recent metallurgical work has been encouraging too for recovery of Cobalt from the Cu-Au-Co concentrate.

That said, I'm not sure how the Company stands on the project now, though I believe there's further metallurgical testwork underway as I write.

The Quarterly perhaps suggested a degree of ambivalence:

Whilst it is doubtful that Cloncurry East can now host a Cu-Au resource of greater than 10 million tonnes (which was the reason the joint venture was initiated) the historic exploration and the exploration by Magnum has still nevertheless outlined significant resource potential.

That "significant resource potential" probably amounts to 5 or 6 million tonnes - nothing to sneer at - and there are several other groups in the area with similar inventories ...

So who knows what might unfold from here.

On Gravelotte, much has been achieved, and I think there are generally broad smiles all round. Nothing has disappointed. Indeed, grades from the dumps have probably been better than anticipated, and many of the processing variables (crush size, use & specification of trommel, etc) are now locked down.

Trials of optical sorters utilising Gravelotte ore, both on and off-site, are proceeding apace. (Some material has even been shipped to Germany.)

There's not much doubt this'll become a commercial operation, Alimak.

Nor would I obsess about a raising. The blokes behind this have deep pockets and are well-connected. It was them who stumped up $600k for the loose Empoyee Share Plan shares earlier this year. The emeralds produced so far will proably be used for promotional/marketing purposes by the Company.

It's all shaping very nicely.


So a good time to just sit back and watch to see what might emerge from those half-forgotten, shimmering Tanami sands.