Headed back up, page-204

Oh OK. So there won't be a JORC

Craig McGuckin: The nature of the vein graphite mineralisation would make it prohibitively expensive to drill any area of interest to the point where a JORC-compliant estimate could be established. That said, our drilling complies with the JORC processes with regards to core logging and identification, core preservation, chain of custody for sample despatch and laboratory analysis.

however

"Repeated test work has provided a solid processing flowchart which will provide consistent battery grade graphite.
Uncoated spherical graphite sells for approximately US$3,500 per tonne while coated spherical sells
for US$7,000 to US$10,000 per tonne. Very Few Layer graphene (vFLG) of 99.9% purity has a sales price of approximately US$55,000 per tonne. We estimate our C1 (cash) costs of extraction of exploration bulk samples will be
US$290 per tonne. Our full sustaining cost, including amortisation of capital, is expected to be approximately US$600 per tonne."

coming up

MRL’s key targets for the First Half of 2015?
Craig McGuckin: MRL is active on several key fronts. This includes:
• Completing the construction of the Pandeniya EL228 – S2 headframe and installation of the support equipment to enable underground access. The Company also expects to receive its Industrial Mining Licence for this project.

• Diamond core drilling at Aluketiya and starting the refurbishment of two shafts in the project area and construction of civil works and headframes.

• Further exploration work, including drilling targets on the Dedigama and Pujapatiya project areas and securing further Land Access agreements.

• Further analytical testing by Wuhan University in China and Nagrom Metallurgical group to simplify the metallurgical flow sheet and achieve grades of at least 99.95% TGCii though acid leaching techniques.

• Continue discussions with several potential offtake parties for planned production.