Ann: March 2014 Quarterly Reports , page-2

Thoughts on the quarterly?

I like the talk about "significant tax incentives" re the Mayoko Convention.

I think we can book ourselves in for a tax free holiday.

The information under Feasibility Progress was interesting.

It would be good if the JORC compliant PFS they end up releasing contained the upgraded resource figures (including the free dig IO), project refinements etc.

How long might it take to get the PFS to market? I thought they were targeting mid-year, but if they decide the change the parameters then could it be longer?

You'd think that any strategic partner / funding source would want to see the JORC compliant PFS/DFS yes?

I wonder whether there will be any opportunity to reduce the OPEX further with all of this work.

Also an interesting read about possible upfront capital reductions via outsourcing, leasing and BOOT arrangements.

Badondo moving along slowly.

Cash burn minimal, and budgeted to be low again next quarter.

We should get to 30 June 2014 with $40m in the bank.