balance sheet, page-2

The JV holds all the debt, mine, infrastructure as with the income we will receive for selling Karara's ore.

We have an entitlement of 50% to this, but given the accounting standards it won't show up in the financial accountants as they do not form part of the consolidated group. (please note im corporate tax and not an auditor so this may be a little off as I am not very familiar with accounting standards).

Hopefully GBG have a note disclosing the Karara profit entitlement at the end of each year, with the cash flows and net debt psoition.

So basically GBG will just slowly burn through its remaining cash on admin until a dividend is paid from the JV. Cash burn is 6m a quarter at present, we have $34m left. So basically 1.5 years of cash left (March 2014). So don't rule out a small cap raising at the end of next year if the JV doesn't pay a dividend, although this would be immaterial.