Ann: UK Mining Fund Backs Bryah Basin Exploration Push, page-70

And FEL has no money and they don't do any mining (not since 2009) - part of Tony Sage group.

The way FEL will go is when it comes to mining, FEL won't put their hand in their pocket - they will sell their 20% share for as much as possible and take some royalty position.

So AUR has to plan on taking the full cost of the mine development.

But it may be better to get into a JV with someone on Wodger with mining experience - similar to recent deal between Gold Road (GOR) did with Goldfields.

Goldfields paid $350m for 50% of Gruyere Deposit and Goldfields will pay half of $507m development cost and also pay up to 10% overrun costs ($50m).

GOR left with huge area to explore with a big kitty. Spending $30m this FY.

Very similar to AUR with large land holding.