Ann: Change of Director's Interest Notice , page-9

Hi Jon

With gold at $1260 US now, they could probably foward sell gold futures at around $1,320 US. If their cash costs are at $320.00, they have some pretty healthy margins in the LL Project IMO. If we can get access to new tailing deposits for LL, that would also be tremendous.

Would be interested in your thoughts on what sort of market cap you think EVG might support say by the end of 2011 when LL is in production (say September) and Equador has been Jorced?


All the best

Scott