Ann: US$23 Million Capital Raising, page-54

JID

Thanks.

I do not think either of us was being inflammatory. Probably 3 years ago Binwood picked me up on this thread for making a similar error, and I pretty quickly acknowledged his superior arithmetical skill (or that he was more awake then me, which probably covers most people here). Its no big deal but I think some may not understand how these percentages get worked out and may get the wrong idea if things are not clarified. 578.8m is what I also derived as the added potential shares to be issued over time. It would not surprise me if there is even more share dilution to come.

Yes this does seem like the Titanic. One thing is for certain, if the plant is not successfully upgraded to produce gold at 88-90% recovery rate from the sulphur-complexed gold ore, if they continue to have mining issues, or if the ore grade in the pits is found to be over-stated then this company is cactus given the debts/payables position.

I am not arguing that people should not jump ship. I may do that myself again. The management is untrustworthy, incompetent and hides important information from shareholders - reasons enough to head for the hills in addition to the fact the company has been operating at a significant cashflow deficit.

loki