Ann: Market Update, page-47

I am not sure and cant give you an answer. However the strategy to keep drilling the sulphides at Carlow get a true gauge then move on to Radio Hill to confirm those grades would be a good one. I have heard through the mining circles that ARV are beginning to be noticed by off taker's globally for their grades and their plant.

The deal with Novo entitles Novo to all of their gold in the same Aggregate structures. This means they will get Novo to do all their dirty work whilst reaping the profits.

The flip side to this is that Novo are not entitled to other gold systems which are not in aggregate such as the Carlow Castle and Radio Hill gold formations.