Ann: Further Delays to Financing Las Lagunas Gold, page-12

re: Ann: Further Delays to Financing Las Lagu... Hi sduncan,

LL wont be in production by the end of 2010. Commissioning was scheduled for March 2011 (9 months away). I would now add another month to that given the additional delays in accessing funding and the required slow down on the construction site.

In terms of the share price I think it will be dictated by several key announcements for the remainder of 2010. These could include:

(1) Bringing JV partner into line
(2) Completion of Mac Bank process and access to funding
(3) Hedging of gold at a high price
(4) Consultants report on Ecuador
(5) Critical milestones in construction process at LL
(6) Commencement of drilling in Ecuador
(7) Something from left field - corporate activity ??

Give it enough time, and assuming BJ can pull this off I firmly expect the SP/ MC to be around 20c/ $100m within 2 years.

LL is now estimated to spit out $160m in cash to EVG over the project life, still using some conservative later years POG inputs. NPV >USD $100m.

Cheers
John