Mineral Prices

Overview

Iron ore is at historical highs, trading at ~ USD $160 per tonne, making the Mayantoc prospect very attractive if the Company can prove out sufficient iron ore resources. Historically, China's average price of iron ore prices ranged from $97 to $113 (USD) per ton during January through May 2007 (National Development and Reform Commission (NDRC)).

Secondary gold resources and possibly copper will provide incremental revenue for the project.

As for the Lubo-Boneng project, current mineral prices are well above prices that existed at the time of closure. The table and graphs below show the recent spot prices on the open market as posted by kitco.com. During the years of operation, the price of copper ranged from a low of roughly 55¢ USD per pound to roughly $1.00. Silver ranged from approximately $4.30 USD per ounce to $12.50, and gold had a wide range of $150.00 USD per ounce to a short-lived high of over $600.00 USD per ounce.

These compare to current prices in the range of over $3.00 USD per pound for copper, well over $1,000USD per ounce of gold and silver prices ranging from $15.00 to $20.00 per ounce.

Gold, Silver & Copper - Last 24hrs.

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