Ann: GRR - Quarterly Report for 3 months ended 30 June 2015, page-197

Cheers MR.

The Reserves will fluctuate with future price assumptions, that's a given... and there's not much point discussing it. As prices drop, reserves will drop. As prices increase, reserves will increase (resource --> reserve conversion). The assumptions are laid bare in the yearly R&R report.

I suspect the stripping that was written off was mostly from the South Deposit. My personal view is that at current prices it isn't economic to mine out the south pit (we'll probably see the reserves (~20MT @ ~42%DTR ) relating to South and Central South rubbed out come next report). Michelle knows best but if most of the stripping for South Deposit is now expensed, then from a cashflow perspective it may be worth mining out?

Don't worry MR. There's 78Mt of reserves @ ~54%DTR waiting to be mined out from the North Pit, should last another 30 years