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• The CRS developed mine plans, infrastructure designs and cost estimates for each option <br />based on available geological data. In parallel with the CRS, CCC also compiled a Pre - <br />Feasibility Study for a major underground mining operation on a number of seams within the <br />Colowyo resource area. <br />All options, including the underground mine, showed a negative NPV at the prevailing spot <br />price assumption. Nevertheless, the Collom resource area was identified as the preferred <br />option for future development as it indicated the most favourable economics relative to other <br />options. <br />Subsequently, CCC has initiated an exploration drilling and technical work program on <br />Collom to meet the requirements for Pre - Feasibility and provide a basis for approval to <br />commence the Collom Feasibility Study in 2005. <br />In order to support refinement of the future project strategy and funding requirements, CCC <br />requested interim review by Rio Tinto Technical Services (TS) to address the following <br />question; <br />What is the current status of Pre - Feasibility Study work on <br />the Collom resource at Colowyo? <br />• <br />LJ <br />RIO <br />'PINTO <br />TS Ref: DRAFT Version: 1 4 Teei,,,;,,ai Smims <br />