Ann: WAF Appoints Chief Development Officer for Sanbrado Build, page-2

What looks like a rather dry ann has loads of hidden gems!

- Matthew Wilson, comes very very well credentialled.

- WAF aren't going to commence planning and development for UG as planned, because they haven't finished finding all the gold yet, step-down drilling! Not planning demonstartes high confidence that expected results wold change the paradigm too much and make the time/cost in planning now a waste.

- M5 structural and mine Improvements expected to add $100,000,000-$150,000,000 million in profit without changing the costs! (Based on GP $1250, 100-120k Oz Au)

- M1 expected to "extend mine life SUBSTANTIALLY", i.e.: There a shiite load more gold down there!

- Process plant optimisation, without extra costs increase through-put by 25%, hence capital earlier, cash flow positive earlier... together means further improvements to our NPV as time value of money greatly enhanced. Theoretically, 25% increase in throughtput should increase NPV by 35-38%.

- IT SEEMS WE ARE GOLD PRODUCERS FOLKS! At a time when Aus producers are getting some good publicity worldwide.

Our little undervalued mine just became (pick a percentage) more undervalued. With it already at below 30% value of Sanbrado NPV; adding a further 25% via time/process improvements (guesstimate) puts SP at less than 20% NPV, with strong sign that we will be adding to our reserve.

I keep reminding myself of Buffet's altruism, "... for the transfer of money form the impatient to the patient".