investor presentation - 25th august 2011, page-4

I think this is a great stock, however I don't want us to get carried away with inflated jorc upgrade projections. Almost all of the drilling is being done on the originally held prospects that took many years or surveying to get us to our current 1mil ounces. I would read a significant upgrade to mean maybe 50% from this level. Sure if we were looking at all our new holdings as well this may well get us closer to 3mil ounces...maybe. But I would rather be targeting 1.5mil ounces and be surprised rather than 2.5mil and be disappointed as even with the current 1mil ounces this stock is stupidly undervalued.