Ann: Initial Cash Flow $US156M from Cameron Lake , page-13

re: Ann: Initial Cash Flow $US156M from Camer... This
initial study indicates that an open pit mining operation is potentially economically
viable, with low operating costs of approximately US$595/oz of gold generating
positive cash flow in excess of US$156 million.

Conceptual Open Pit Mining Study Parameters
The parameters applied in the open pit mining study were:
Process plant throughput: 1,000,000 tonnes per annum
Mining Cost: US$2.50 per tonne
Mining Dilution: 5%
Ore Recovery: 95%
Processing Cost: US$9.50 per tonne
Administration Cost: US$1.50 per tonne
Royalty: 1%
Gold Price: US$1,100 per ounce