Ann: Change of Director's Interest Notice , page-10

Hi Guys,

The hedging will be done at the spot rate not the gold forward rates. Mac Bank takes the difference as part of the deal.

However, even if we get $1,275 per oz USD that is massively greater than the first NPV study indicated (even in AUD it is currently $161 per oz better which really adds up given that it all goes to the bottom line.)

For conservative investors this locks in a very good profit for EVG for the LL project and de-risks the investment greatly (from a pricing perspective cy7!).

For bullish investors it still leaves 70% of project production open to gold price movements which, according to most commentators now should continue to move higher :)

Also note that silver is a reasonable % of the LL project. There will be a total of 4,000,000 oz of silver extracted. This is the equivalent of 66,666 additional gold oz (ie divide by 60).

The original NPV used silver price of USD $11.75. POS is now USD $20.80 or 77% higher !!!

In terms of what the market cap may be by the end of 2011 I have some firm ideas on this.

I'll refrain from saying anything more at this stage until the next EVG presentation is out which should only be a few weeks away at the latest. I'll then write some thoughts. We should all be impressed though I think :)

I will say, however, that I am very confident that this will be a very fruitful (eventual!) investment for all investors that have held through this period and new investors coming on board at these prices.

Cheers
John