pan concentrates up to 6864 g/t gold, page-9

Mintails quarterly was announced today and they appear to be going very well having produced 10,000 ounces of gold in the last quarter. They also mention they have now repaid the original $2 Million loan to buy WWI assets and also mentioned they paid the $1 Million on 22 November so all looking good for payment of the remaining $6 Million though the quarterly did mention the following which might mean we will not receive our final $3 Million for another year, not sure though what it exactly means.

c. West Wits Mining Right – MR132GP
Mintails continues mining operations on this mining right under an interim mining agreement signed by West Wits
Mining Limited (WWML) and DRDGold Limited. The mining right was finally converted and transferred to WWML late
in July 2012 and, as such, DRDGold are no longer a party to the agreement. Mintails has commenced the
preparation of its own Section 11 submission and transfer for this right to Mintails SA Randfontein Cluster (Pty) Ltd
(MSR). The process is expected to take approximately a year before the transfer is registered.