really?, page-15

Ken,

Thanks for your enquiry. Apologies for not making contact back in December when you last enquired. I have no explanation why that happened..

Carbine is currently nearing the completion of an internal review of the Ouahigouya Gold Project with the objective of estimating possible resource inventory (non JORC compliant) on our current advanced prospects on Madougou JV permits (where drilling has been completed), as well as assessing the prospectivity of the regional permits. The Board would like to see a pipeline to >1M oz of potential resources capable of being economically developed (i.e. reasonable grades and not too deep) prior to committing any more money towards exploration or resource definition.

Notably, Carbine is in a strong financial position with ~$4M cash in the bank, and also liquid stock being 8M shares in Phoenix Resources Limited (ASX Code: PXG) (taken as consideration for the disposal of the Red Dam asset in WA), which would generate an additional ~$2.7M at recent market prices if required. This gives us great flexibility to continue funding exploration or consider an acquisition.

I hope to be in apposition to tell you more later in January.

Regards,
Peter