Exploration upside

The Cehegín Magnetite Project is supported by some 38,000 metres of historical drilling data that could be validated by a limited drilling and metallurgical test work program to commence in early 2017. The historical data and consideration of a reasonable possible extension of the deposits provide an indication of the available quantity for mineralization. The mineral potential is estimated be be between 9 Mt and 42 Mt of magnetite mineralization.The volume of Magnetite Mineralization realized could reasonalbly be expected to be in the range of 25 Mt to 30 Mt.  
Cehegín Magnetite Project
The potential quantity and grade is conceptual in nature and there has been isufficient exploration to define a mineral resource. It is uncertain whether further exploration will result in the target zones being delineated as a mineral resource.