equity raising, page-36

chuk

Thanks for your views and the MacBank details.

I may have been a bit hard on MML in thinking that they will average around 150k ounces per annum - perhaps it will be closer to 170k ounces if the new mill works to specs and the average grade can stay at no less than 7 grams/tonne. Output would be around 200k ounces if they can average 8gms/tonne.

In relation to taxes etc, I believe that even existing mines will ultimately have to pay more tax, and or royalties. I suppose they will honour existing tax holidays but these do have an end date.

loki