gold ore reserve boosted to 815koz, page-13

Fellas,

The refractory sulphide ore at Salman has been reported for ages now and taken into account in the current reserve. Most of the current Salman reserve is Oxide, non-refractory and this is what is referred to as "free-milling".

The refractory ore is potentially huge but will need a Biox plant such as Bogosso. They are going to school in this ore now such that in 8 years time the it will be fine-tuned for the use of ADU. It is long-term upside and who knows what the POG will be?? Perhaps Biox in refractories will make a big comeback as underground has now due to lack of substantial new surface discoveries.

Anyway, the refractory ore is a bonus or not but the current share price is undervalued by less than half on the current reserve only. The refractory ore is a non-issue other than the fact if the orebody below 80-100m wasn't refractory we wouldn't be having this conversation now.

Lets focus on one step at a time and that is 8-10 years of CIP recoverable gold production with obvious exploration upside for more local oxide ore.

cheers