Ann: Quarterly Report & Appendix 5B 31 December 2, page-4

re: Ann: Quarterly Report & Appendix 5B 31 De... They did a feasibilty study in 2012. NPV was $237 million based on POG $1600, so needs revision, but still, compared to a market cap of $12 million, looks pretty good.

"The Feasibility Study, completed in September 2012,
defined a 2004 JORC Resource of 2.1 million ounces
and an Ore Reserve of 766,000 ounces based on an
optimised gold price of US$1,200 per ounce.

The Feasibility Study was completed by Arccon Mining Services, a wholly owned subsidiary of the Allmine Group (ASX code: AZG)
with support and input from internationally renowned consultancy groups including
:
• Knight Piesold
Land Based Tailings, Waste Dump Design and Water Management
•Coffey Mining
-Pit Optimisations and Pit Designs
•LJ Putland & Associates
-Pit Designs, Reserves and Mining Schedules
•Peter O’Bryan & Associates
-Geotechnical
• Klohn Crippen Berger
-Hydrology and Hydrogeology
• Metcon
- Metallurgy
• Orway Mineral Consultants
- Metallurgy
• EBA Engineering Consultants Ltd
- Deep Sea Tailings Design
•RW Nice and Associates
-Metallurgy
•Hellman & Schofield Pty Ltd
- Resource Estimation
• Continental Resource Management Pty Ltd
-Resource Estimation"