UMZ broken ore reserve Consider the 500K mt which we were told was available for process at 11/7/2011. For memory the headgrades are Cu 1.91%, Au 1.87gmt Ag 68.19%. Taking account of the present very unsatsfactory recovery rates of 50% of these grades, prices of $3.2/lb $1600/oz and $ 3.2/oz respectively, and deducting process costs, royalties, NSRs and corporate tax on profit,we get an economic value of this stock of $27 per tonne.The management has not gven any fair value to this stock, and propose writing of the net loss on the UMZ start up to capital in the accounts 2010/11, which can be expected to contribute to a loss of capital in the high 20s of millions of dollars, whereas the incorporation of this economic value, or part of it, could improve the situation by up to $13.7 million. Recognising it would also improve security for financing, etc.