Our New Scrubber, page-12

Merlin has engaged in discussions with anexternal mining consultant to conduct a study todetermine the best options for mining at Merlinand in particular options to mine underground atPalsac, Ywain, Gwain and Excalibur. The scope ofthe study to be agreed between the parties willdetermine, for each deposit, the practicality andhigh level economics of the potential options. Theoutputs of the study can be used to guide andprioritise future work by determining whichdeposit is likely to be most viably mined first and  which mining methodology that better suits. ThePalsac and Excalibur deposits consist of a singlediamond pipe with Ywain and Gawain being twodiamond pipes at relative close distance wherebythe possibility of sharing some of theunderground infrastructure may be possible. Thestudy should take 3 months to be completed.