Ann: Quarterly Report March 2015, page-6

A mediocre report.

Some marginal improvement in milling recovery rate and average ore grade. But mill throughput was down.

Gold production down and AISC are over USD1,000 - very little profit being made even if you accept their accounting methodology.

Cash balance up a little over $1m at end of quarter.

Slowish progress, but so long as the gold price does not tank under USD1050 they should continue to survive since they have some cash on hand to help out.

Hopefully they can get more ore to the mill to increase production and that would lower ASIC and provide them with some safety if the gold price does fall.

In the light of this report the share price may sell off a bit, or not. Depends on the gold price and sentiment.

It is a slogfest.

Good luck all.

loki