Ann: Response to Media Article, page-28

"Thankfully at Gilbey’s it is only by 4,1% according to the Cube estimation"

That's for the overall resource, ie ((564koz -552koz)/564koz))x 100 = ~4% but you know that you are painting a deliberately skewed picture with this statistic.

The grade control drilling only interrogated the resource to the 360RL level and the new model only to the 345RL level. The 360RL is about about 65m to 70m below the natural surface level.

The resource inside the grade control drilling has actually been grade depleted by 18.3% when referenced back to the depth of the grade control drilling. ie the grade control drilling only captures ~21% of the original resource. We simply don't know how the remaining 444koz of the resource is affected. What's more the grade depletion of the resource by resource catagory is as follows within the volume interrogated by the grade control drilling.

Measured resource depletion due to grade reduction 18.1%
Indicated resource depletion due to grade reduction 23.6%
Inferred resource depletion due to grade reduction 52.4%

This is the reality. What would the resource size look like if the grade control drilling interrograted the entire drilling?

As I've mentioned before the NPV of the project is sentive to variances at the early stage of the project.

I'm not saying that the current value of the company isn't the right value, I'm simply saying there is no way of determining if it is or it isn't. Retail investors just look at the price and think it's cheap. 8cents "looked" cheap. 16 cents "looks cheap" but what if the right answer is somewhere inbetween, say 12 cents. I just think everyone is still just guessing at the moment.Esh