Ann: Quarterly Activities Report and Appendix 5B , page-2

re: Ann: Quarterly Activities Report and Appe... So, just barely cash-flow positive in Q4-11 after expensing $2m exploration and $10m development in the quarter.

Production of 100,000 Oz for next year, of which 68,584 will have to be delivered into the hedge ($1075). If the remainder sells at $1600/oz that will give an average sale price of $1240 for the year.

Cash costs of $550-600 expected. If we estimate $600, cash flow from production for the year will be about $64m, with $8m allocated to exploration an an unspecifid amount for development ($40m/year at the Q4-11 burn rate). So cash flow positive and paying down the hedge.