RE:RE:RE:RE:RE:BMO Mines and Metal Conference....I looked at the recent slides for freeport and see where Scotia Bank is comparing our discovery with Grasberg. Grasberg open pit has 258 mm mt with a grade of .90. So our size as it stands by Scotia might prove out to be almost as big as the open pit. That is without other discoveries or widening the footprint. Grasberg open pit has been mined for many years the 258 mm mt is what is left and is due to run out in 2016. They have a mine life until 2042 but it almost all comes from the 5 block cave discoveries. The block cave discoveries are almost 10 times the size of the open pit and have a combined grade of 1.12%. That is a 24% higher grade than our porphyry. If we compare our discovery with the Grasberg open pit then we have a mine life of about 4. If our deposit was even close to being the size and potential (at this time) to the Grasberg Complex it would be material to Freeport and it would be disclosed to the shareholders, and our stock would be trading at multiples of today's price. Like I said before we have a great discovery but we are miles from being anther Grasberg. I hope the Excel spreadsheet below shows up because it shows how large the 5 block cave discoveries are like Grasberg UG is 4 times our projected size and 11% higher grade ore.
| Grasberg Complex | Millions of tons | Pounds of Ore | Pounds of copper | Grade |
| Grasberg Open Pit | 258,000,000 | | 4,644,000,000 | 0.90% |
| | | | | |
| Grasberg Block Cave | | | | |
| DOZ | 176,000,000 | | 2,006,400,000 | 0.57% |
| Big Gossan | 54,000,000 | | 2,440,800,000 | 2.26% |
| Deep MLZ | 517,000,000 | | 8,685,600,000 | 0.84% |
| Garsberg UG | 999,000,000 | | 20,179,800,000 | 1.01% |
| Kucing Liar | 420,000,000 | | 10,500,000,000 | 1.25% |
| | | | 43,812,600,000 | |
| | 2,166,000,000 | | 48,456,600,000 | 1.12% |