Ann: Way Linggo Project Update, page-4

I believe that the Minister concerned has taken leave of abstinence to support a Presidential candidate
but the granting of the "borrow and use" Forestry Permit may be just an Administrative function and may
not need tha Minister's personal approval.
Given that the Environmental and mine safety Permits have been granted , it would seem a matter of
form that this final permit will be granted soon.

The big issues are:
- transition to full production (140k P/A rate) and at what rate will it start up
-the amount of ROM ore there from development mining to kickstart the plant
-cash on hand ( should be about $8 mil)
-initial grades
-how soon can the high splay vein grades be reached.
-how soon can the plant be upgraded to 500 ton/day (182,500 ton/year)
-what will the grade be once in full production. (Way Linggo was 13.1 g/t & this is expected to be better )
- the POG

In my opinion they will try to tap the high grades ASAP so that they can retire debt and
build a safety cash buffer. Anyway the next few months will be very interesting.
Cheers
Moorookamick