the fact that VALE walked away from Corex should not be miss read. If you read the last

press release of Corex/Vale you will note that both the grade and mineralized section are very impressive. However you will also note that nowhere in this press release does it say the word Phorphyry.

A Phorphyry is an extremely large mass, or a group of smaller large masses of mineralized Phorphritic rock that is usually a ~ Copper/Gold/ possibly Silver mix of lower grade material that can in many cases be mined open pit a very low cost.

These deposits are the largest mineralized bodies in the world and they take a very large Cap-Ex to start, but once up to throughput can be extremely profitable for MANY MANY years.

Rio Tinto got their start with this type of ore body in Rio Tinto Spain, and mined 500 million tonnes and there is still material left! Believe me these two holes left from this mining are HUGE!! BHP Billiton is currently mining Escondida in south America which is the biggest mine in the world. ( Pat Burns a Director of FMG was one of 4 Geo’s credited with it’s discovery) . Some of these mines can exceed 75 years of mine life!!!!!

This objective of finding a Phorphyry was made very clear to us by Vale. Obviously they have found an interesting area, but it is not a Phorphyry, SO Vale walks, because although the results are good, it’s just not what they were looking for. This in no way condems the Corex property, it was just not the huge tonnes wanted by Vale. They are VERY VERY RARE!!