For a few million dollars Newcrest could take a major...

For a few million dollars Newcrest could take a major controlling shareholding in Pacrim at what I consider a discount to the potential value of Manus.

We have Australian copper explorers that have around the 500k tonnes of copper resource and market caps over the billion mark and non Australian copper explorers in the same ball park with market caps in excess of $100 million.

Even at 5 million ounces this in ground value on a percentage basis exceeds our market cap.

All speculation on my part.