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farwest

08/27/07 1:51 PM

#4521 RE: lbas #4508

SRZ expects ~50% recoveries of the Ga/Ge or about 20,000kg.

Still need to sign smelter agreements to recover the Ga. Still need to design and build Ge recovery circuit.

Might want to consider TAM as they have better metrics. Will produce 60-100%+ more recoverable metal per year at lower cash costs ($0.60 vs $0.77).

TAM also has far larger resources at far higher grades.

TAM is significantly cheaper on all metrics, but also 12 months behind SRZ.