Ann: Becoming a substantial holder, page-11

looking at up and coming small gold miners that are about to start production PGO ( primary gold)

- issued share placement to raise $668k done @ 1.5c to start production asap
- 100% owns bundy gold project, that includes tom gully mine
- annual production expected to be 60k - 65k oz a year, with low cost production of $985 - $995
- final environment assessment before immediate start to production.
- shares outstanding 436 million
- market cap 11 million
- Current SP 3.5c

if we compare to MOY
- Production of 80k-85k oz a year at a total cost of $1180 - $1220
- 100 million market cap
- 742 million shares on issue
- current SP 13,5c.
- zero debt.

so when compared to MOY I think it has plently of room to move, will be one to keep an eye on imo.