Continued:A new resource estimate wil be made in January....

Continued:

A new resource estimate wil be made in January. Considering their strong expansion ( See previous post), their total resource could have then grown from 11 mill to 11.8 mill, with MOE owning 63% or 7.434 mill ounces.

At this stage it was proposed to have the final BSF at end of this year. By then, the resource would have grown further and much infill drilling completed.

We have 224.5 m shares, 37.7 mill options and 10.9 mill unlisted options and warrants. MOE holds 98% of its Canadian subsidiary.

Based on a Gold price of $520 or $A706.5 (0.736), the insitu value per undiluted share is 0.98*7.434 mill*706.5 / 224.5=$A 22.93 Current share price 81.5 cents.

And on a diluted basis $A 18.85.

Suject to audit,

Gerry
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