Gold Play, page-6

‘Annual Production Rate: 14,000 tonnes nickel cathode and 540 tonnes cobalt.’ no mention of gold production or gold credits. (See 04/09/13 announcement) PAN’s involvement with GME is strictly to do with NiWest Nickel Project ‘a long term nickel operation.’ (see MoU 22/09/14 announcement)

My observation concerning gold exploration and possible production by GME is that the ‘long term nickel operation’ - is what makes this company a potential big deal - and is where the BOD should focus their efforts and attention. In my opinion I think they would better serve sh’s by not chasing after a “quick buck” from gold exploration. Especially now that GME has a MOU with a significant nickel producer that has 2.5 million grams of gold to occupy their own company people with.

Again, this is strictly a personal view, but I wouldn’t be surprised if the BOD quietly put gold exploration on hold for the next 6 months. Then who knows...? The BOD might put all their efforts into Au exploration while they await a response from PAN?