Ann: Placement to Accelerate Vanadium Resource Upgrade Work, page-16

Rang these guys yesterday and was given some interesting info about how POW's deposit differs from many of the typical Australian deposits in that it is a shale deposit not a magnetite deposit. Much easier to grind, basically the same as grinding a piece of graphite as compared to a lump of iron. They also consider it to be very well located in terms of infrastructure and say they will be able to source far cheaper power costings being in South Korea. Apparently 90% of the worlds vanadium is sourced from shale deposits. When I asked them about the lower grade compared to some of the Australian deposits they said they thought the easier grinding and cheaper power source would more then make up for it. They have been trying to get access to the drill core since 2011 so in doing so have made a significant step forward. The savings on being able to non- invasively sample these existing cores are monumental when estimating a resource. They are applying for a R&D grant for this new method of using the Niton handheld device(calibrated by a third party)which will further boost their coffers of approx 3 million dollars after the recent raising. They hope to have their first resource figure by April and the second one in May (from memory) and this will be their immediate focus.