mine of life, page-18

The available information about him is that he is a tenement claimer who on-sells or JVs and is also a prospector, not a below-surface explorer - so:

1. Where did the $1.65m (incl GST) come from? Mr R or a private sponsor!

2. Where will the $1.5m to explore over the next 18 months come from? Mr R or a private sponsor!

3. Who will manage the exploration? Mr R or a private sponsor!

4. If nothing worthwhile has been found within the 18 months then that's $3m that has been spent and lost and Mr R stays at 10%, and probably that would then be 10% of not much at all.

5. But if he finds something good, he will then have to JORC (over an undefined period) a minimum of30k tonnes of contained copper in order to JV with THX on an 85/15 basis. Who will fund all of that? Mr R or a private sponsor!

6. In the meantime, THX just watches on.

7. But what if there is minable copper in the end? Yahoo for Mr R and his backer (if there is one)? or a big sigh! Who is going to process it!! Is his backer? If so, who could that be? MLX? OZL? Certainly it won't be Mr R. Will he knock on Karl's door? If he does, what will Karl say? Maybe he would say: 'Yeah, we'll take it but the only economic way to get it out is underground via our system so here's 2 bob for it.'

Strange!!