up tomorrow, page-5

Folks,

Did a quick and dirty on the numbers based on the info just released - conservative revenue stream of around $1.20 per share over 8 years using $1150 per oz / less $400 opex @ 90% recovery for a cashflow of $1.06B revenue.

Assumes: CIP/CIL 3.5mtpa throughput @ 1.75g/t.

Raise $20m via share placement & borrow the remainder over a 2 year payback.

Stage Two would be possible low grade heapleach but this is for a much later discussion (read the release carefully).

Happy to share this info.

Cheers

RT