grv and esmca report .great., page-2

As predicted
"Increase in size of deposits:
It must be stressed that these results are preliminary as they come from one sample of Nagoorin and
three samples form Lowmead.
The results of these tests, if applied to the whole of the deposits at Nagoorin and Lowmead, would
increase the deposits by more then three fold. Therefore at Nagoorin the current estimated deposit
of 2.65 billion barrels would increase to over 8.8 billion barrels of contained oil. Nagoorin is
owned 50% by Greenvale Mining N.L and 25% by Esperance Minerals N.L.
Similarly at Lowmead, which as presently calculated has some 738 million barrels, this would
increase to about 2.2 billion barrels of contained oil. Lowmead is owned 25% by Greenvale
Mining N.L. and 50% by Esperance Minerals N.L.
On this basis these two deposits would contain about 11 billion barrels of oil in situ of which 75%
(some 8.25 billion barrels) would be owned by Greenvale Mining N.L. and Esperance Minerals
N.L.
Bulk Sampling
These tests are very encouraging and we plan a large scale bulk testing just as soon as Australian
Thermal Solutions Pilot Plant is ready.
Environmentally friendly:
Perhaps the most important thing about the Solvent Technology is that it is environmentally
friendly. The solvents can be reused . The estimated cost of using this technology is some US$25
per barrel of oil produced.
Alpha Deposit:
It is intended to test our Alpha oil shale which with conventional retorting showed a 400 Litres per
tonne yield and it will be interesting to see if the increase in yield would be similar to that
experienced at Nagoorin and Lowmead.