TAM Overview, page-8

Hi The Mole,

Thanks for correcting me. I was a bit confused as to when and when not to use US Dollars, so thanks for clarifying everything.

Also, regarding the figures I used, I was also using conservative figures. The information I have, is that they could be producing up to 150,000 ounces p.a.

So if you use this figure, combined with the fact that I anticipate gold is heading to AU$2000 an ounce. You are looking at an annual return of $54m, which equates to an annual return of 6.3c per share.

Based on 8 times earnings, TAM should be in the order of 50c each.

On another note, a big buy went through first thing this morning. Someone bought 3.5m shares @6.5c = $227,500